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Recent High for Index at Open

Jan 08, 2019 (Baystreet.ca via COMTEX) --

Canada's main stock index opened at a three-week high on Tuesday in broad-based gains led by energy stocks, which rose in tandem with prices of oil, one of the country's major exports.

The S&P/TSX Composite Index sprang up 115.05 points to open Tuesday at 14,619.18

The Canadian dollar poked higher 0.06 cents at 75.26 U.S.

RBC cut the price target on Canfor Corp. to $23.00 from $29.00. Canfor shares dipped 45 cents, or 2.8%, to $15.65.

Canaccord Genuity cut the rating on Toromont Industries to hold from buy. Toromont shares let go of $1.69, or 3.1%, to begin Tuesday at $53.55.

On the economic front, Canadian exports fell 2.9% in November, while imports decreased 0.5%. As a result, Canada's merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November.

ON BAYSTREET

The TSX Venture Exchange gained 1.07 points to 591.70

All but one of the 12 TSX subgroups were higher in the first hour of business, as energy and tech shares each strengthened 1.5%, while consumer discretionary shares hiked 1.2%.

Only gold missed the party, falling 1%

ON WALLSTREET

Stocks rose sharply on Tuesday as technology shares outperformed while investors remained cautiously optimistic Washington and Beijing could move forward on a trade deal.

The Dow Jones Industrial Average skyrocketed 275.65 points, or 1.2%, to 23,807, led by gains in United Technologies and Nike.

The S&P 500 gained 24 points to 2,573.69, as the industrials and consumer discretionary sectors outperformed.

The NASDAQ Composite gained 56.12 points to 6,879.60.

Shares of Facebook, Amazon Netflix and Google-parent Alphabet all traded 0.9%, adding to their solid January gains. Apple's stock also climbed 1.3%.

These gains add to the sharp turnaround seen in most of the popular "FAANG" trade since Dec. 24. Through Monday's close, Facebook shares have surged 12.2% since then, while Amazon has rocketed 24.7%. Netflix and Alphabet, meanwhile, are up 35% and 10% in that time period.

Tuesday's moves come as several officials from the world's two largest economies continue talks to resolve their ongoing trade dispute. U.S. Commerce Secretary Wilbur Ross told the media on Monday that both global powers could reach a settlement "they can live with, and that addresses all the key issues."

China's Foreign Ministry previously said Beijing had "good faith" to work with Washington to reach an agreement before a March deadline.

Prices for the benchmark for the 10-year U.S. Treasury faded, raising yields to 2.71% from Monday's 2.69%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.05 to $49.57 U.S. a barrel.

Gold prices shed $3.70 at $1,286.20 U.S. an ounce.

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