Today in the markets
U.S. stocks advanced Tuesday, bouncing back after the worst decline since early November, following solid earnings from Coca-Cola and U.S. data supporting the case for continued stimulus measures.
Canadian stocks were higher as traders cautiously bought into stocks that sustained steep losses in the previous session, when disappointing Chinese growth data sent resource stocks tumbling.
The S&P/TSX Composite was up 115.04 points to 12,119.92, while the TSX Venture Exchange eased down 1.38 points to close at 959.64.
Active stocks included Coca-Cola Co. (NYSE: KO, Stock Forum), which closed up 5.7% at $42.36 after reaching the highest level since July 1998 on news that the beverage giant is taking steps to strengthen its U.S. business model after reporting a drop in Q1 earnings.
J.C. Penney Co. Inc. (NYSE: JCP, Stock Forum), shares rose 5.6% to $15.19 after Bloomberg reported that the retailer is looking into spinning off its real-estate holdings into a separate unit that could issue debt as part of an effort to raise cash.
In Canada, as gold stocks stabilized after heavy losses, New Gold Inc. (TSX: T.NGD, Stock Forum) jumped 3% to $6.95. But Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum), the world’s leading producer, fell 5.3% to $19.23.
BlackBerry (TSX: T.BB, Stock Forum) rose 1.4% to $14.21 amid reports that the new BlackBerry touchscreen smartphones are not being returned at an unusually high rate, despite suggestions to the contrary, according to Jefferies telecom analyst Peter Misek, who has completed his own checks.
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report