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Tech Stocks Give TSX Strength

(CORRECTS TSX CLOSING FIGUERS)

Canadian stocks joined with their American brethren in climbing the charts Tuesday, powered largely by momentum in tech issues.

The TSX climbed 265.27 points, or 1.3%, to close Tuesday at 20,290.41.

The Canadian dollar recovered 0.23 cents to 73.75 cents U.S.

Techs proved kings of the hill Tuesday, led by HUT 8 Mining grabbing 51 cents, or 16.5%, to $3.60, while Bitfarms progressed 24 cents, or 13.9%, to $1.97.

Energy issues were successful, with Cenovus ahead 60 cents, or 2.3%, to $26.40, while Vermilion Energy climbed 44 cents, or 2.3%, to $19.58.

In materials, Capstone Mining improved 17 cents, or 2.8%, to $6.20, while Lithium Americas spiked 78 cents, or 3.3%, to $24.70.

ON BAYSTREET

The TSX Venture Exchange regained 5.43 points to 588.15.

All 12 TSX subgroups gained ground Tuesday, information technology picking up 2.1%, energy towering 1.6%, and materials ahead 1.5%.


ON WALLSTREET

The NASDAQ Composite climbed Tuesday, as investors flocked back to tech stocks in the final days of what’s been a difficult August for the market.

The Dow Jones Industrials hiked 292.96 points to 34,852.94.

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The S&P 500 index moved higher 64.34 points, or 1.5%, to 4,497.66.

The tech-heavy NASDAQ index skyrocketed 238.63 points, or 1.7%, to 13,943.76.

Chipmaker Nvidia led the charge of rising tech stocks with a gain of more than 4%. Shares of Meta Platforms, Tesla, Apple and Microsoft were all trading higher. The sector seemingly received a boost from falling bond yields following the release of new U.S. economic data.

AT&T rose 3.8% after Citi upgraded the stock and said the telecom giant would be able to afford its hefty dividend. Elsewhere, shares of retailer Best Buy added 5.6% after reporting an earnings beat.

With just three sessions left in August’s trading month, the Dow is on pace to finish 2.8% lower. The S&P 500 is pointing at a loss of 2.4%, and the NASDAQ is down 3.1%.

The major averages got a boost following the release of new U.S. economic data. The latest job openings and labor turnover survey showed a decline in open listings in July — a sign of stability in the jobs market. Meanwhile, the Conference Board’s consumer confidence index fell more than expected in August.

Prices for the 10-year Treasury gained ground, lowering yields to 4.12% from Monday’s 4.21%. Treasury prices and yields move in opposite directions.

Oil prices gushed $1.11 to $81.21 U.S. a barrel.

Gold prices vaulted $19.20 to $1,966.00 U.S. an ounce.