An illuminated sign in downtown Toronto shows Tuesday's market gains. (Robin Rowland/CBC)A late-session massive buying spree by investors sent stock markets in Canada and the United States shooting higher on Tuesday.
The S&P/TSX composite index posted its fourth-largest point gain ever and matched its third biggest gain in percentage terms, as it rose 614.29 points, or 7.2 per cent, to close at 9,151.63.
A woman braces against the chill wind on Toronto's King Street Wednesday as an electronic board records the TSX rally. (Robin Rowland/CBC)The big move in Toronto came just one day after the TSX lost 756.75 points or 8.14 per cent, much of it in a late-day retreat, to close at 8,537.34. That was the index's lowest close in more than four years. Monday's drop, in terms of percentage, was the second-largest on record.
"Volatility clearly remains very high," Paul Thornton of Global Maxfin Investments told CBC News.
The energy sub-index was up 7.7 per cent, while the financial services group rose by 6.95 per cent. The gold group added 13.5 per cent even though gold closed down $2.40 US an ounce at $739.30 US.
S&P/TSX composite index On Wall Street, the Dow Jones industrial average rose by 889.35 points, or 10.9 per cent, to settle at 9,065.12.
The move came one day ahead of an expected interest rate cut by the U.S. Federal Reserve.
The broader S&P 500 index gained 91.58 points to close at 940.50 points, while the Nasdaq composite index added 143.57 points to close at 1,649.47.
The Canadian dollar rose 0.37 of a cent to close at 77.96 cents US.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Seniors float above Montreal's Quartier Latin
- Accused in blast that killed Alberta mom handled her funds
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Syrian regime denies role in Houla massacre
- B.C. NDP calls for unity in fighting coast guard closure
- Canadian Pacific strikers face back-to-work legislation
