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Stocks Stay Positive Tuesday

Equity markets in Toronto stayed in the green most of the day, Tuesday as gold producers advanced and ...

Equity markets in Toronto stayed in the green most of the day, Tuesday as gold producers advanced and comments from Bank of Canada Governor Stephen Poloz indicated the central bank will remain cautious in policy decisions.

The S&P/TSX Composite Index gained 42.35 points to close Tuesday at 15,647.14

The Canadian dollar slid 0.78 cents to 77.08 cents U.S.

Poloz told his audience there remains a degree of untapped potential in the Canadian economy, particularly in the labour market, that means the country may be able to generate more growth without higher inflation.

Material stocks led the pack, with Lucara Diamond gaining 14 cents, or 6.5%, to $2.31, while UrtheCast gathered four cents, or 9%, to 49 cents.

The gold sub-sector rose following the ouster of U.S. Secretary of State Rex Tillerson by President Donald Trump.

Barrick Gold sprang 22 cents, or 1.4%, to $15.81, while Goldcorp gained 17 cents, or nearly 1%, to $17.27.

Energy issues also found their way ahead, with Suncor Energy gaining 47 cents, or 1.1%, to $42.21, while Canadian Natural Resources was positive 18 cents to $38.81.

Consumer staples fell, as Restaurant Brands International subtracted $1.41, or 1.9%, to $74.47, while Loblaw Companies handed over three cents to $66.93.

Among consumer discretionary stocks, Enercare Inc. shed three cents to $18.26, while Quebecor fell 26 cents, or 1.1%, to $23.78.

Among health-care stalwarts, Aurora Cannabis was down 24 cents, or 2.1%, to $11.41, while Canopy Growth Corp. fizzled 64 cents, or nearly 2%, to $31.85.

The White House said President Donald Trump spoke on Monday with Prime Minister Justin Trudeau about the steel and aluminum import tariffs Trump announced last week.

ON BAYSTREET

The TSX Venture Exchange moved forward 1.35 points to 829.05

Seven of the 12 TSX subgroups were positive, as materials picked up 1.2%, gold surged 1.1%, and energy gained 0.4%.

The four laggards were weighed most by consumer staples, off 0.8%, consumer discretionary stock, down 0.3%, and health-care, sliding 0.1%.

Financial shares were unchanged on the day.

ON WALLSTREET

Stocks fell in choppy trade Tuesday after tech shares pulled back amid concerns trade tensions between the U.S. and China could increase.

The Dow Jones Industrial Average plummeted 171.58 points to 25,007.03, after rising more than 150 points earlier in the session. Microsoft was among the worst-performing stocks on the Dow, falling 2.4%.

The S&P 500 sank 17.71 points to 2,765.31, with tech falling 1.2%.

The NASDAQ composite Index swooned 77.31 points from Monday’s all-time high to 7,511.01, and snapped a seven-day winning streak.

Both S&P 500 and NASDAQ rose as much as 0.7% before trading lower.

In corporate news, shares of General Electric fell 4.4% after analysts at J.P. Morgan cut their price target to $11 from $14.

Qualcomm was the worst-performing stock in the S&P 50 tech sector, falling 5%. The stock fell after President Donald Trump shut down Broadcom's proposed buyout of Qualcomm, citing concerns based on national security. Both companies have been ordered to abandon this deal immediately.

Stock gains were briefly held in check by news that President Donald Trump ousted Secretary of State Rex Tillerson.

The Washington Post first reported that Tillerson was out before Trump confirmed it in a tweet. Trump also said CIA Director Mike Pompeo would take over as secretary of state.

The U.S. consumer price index rose 0.2% in February, in line with expectations. Inflation concerns permeated through the market last month as investors worried that higher inflation would lead the Federal Reserve to tighten monetary policy at a faster rate.

Prices for the benchmark 10-year Treasury note inched forward, lowering yields to 2.84% from Monday’s 2.87%. Treasury prices and yields move in opposite directions.

Oil prices fell 72 cents a barrel to $60.64 U.S.

Gold prices hoisted $5.10 to $1,325.90 U.S. an ounce.