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Benign inflation news cleared the way Tuesday for stock markets all over North America to move freely upward, with Canadian stocks led by real-estate and health concerns.
The TSX Composite strengthened 314.58 points, or 1.6%, to conclude Tuesday at 20.023.77.
The Canadian dollar zoomed 0.57 cents at 73.03 cents U.S.
Real-estate stocks mounted the charger Tuesday, with Tricon Capital surging 75 cents, or 7.7%, to $10.30, while Colliers International popped $7.57, or 5.7%, to $141.03.
In health-care issues, Chartwell Retirement Residences jumped 48 cents, or 4.6%, to $10.88, while Bausch Health Companies grabbed 25 cents, or 2.8%, to $9.27.
Gold stocks did well, as Iamgold improved 15 cents, or 5%, to $3.15, while Novagold added 40 cents, or 8%, to $5.43.
In corporate news, a Glencore-led consortium agreed to buy Teck Resources' steel-making coal unit for $9 billion, making it one of the mining sector's most significant deals in years. Teck shares shed earlier gains and moved into minus territory 17 cents to $50.14.
ON BAYSTREET
The TSX Venture Exchange gained 5.84 points, or 1.1%, to 516.95.
All 12 TSX subgroups gained ground Tuesday, led by real-estate, scaling 4.4% higher, while gold brightened 4.1%, and health-care haler by 3%.
ON WALLSTREET
Stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered new U.S. inflation data that raised hope of the Federal Reserve wrapping up its rate-hiking campaign.
The Dow Jones Industrials skyrocketed 489.83 points, or 1.4%, to 34,827.70.
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The S&P 50 index was hoisted 84.15 points, or 1.9%, to 4,495.70.
The NASDAQ soared 326.64 points, or 2.4%, to 14,094.38.
Tuesday’s gains added to an already stellar performance this month for stocks. The S&P 500 had taken on 7.4%, and Dow is up 5.6% in November. The NASDAQ is up 9.8%, on pace for its biggest one-month gain since January.
Bank stocks such as Bank of America and Wells Fargo jumped on the hope that the economy could skirt a recession.
Shares of Home Depot, which were up nearly 6% on better-than-expected third-quarter earnings, led the gains for the Dow. Enphase Energies, Boston Properties and SolarEdge Technologies — each up more than 9% — led the S&P higher.