Toronto stock index pushes higher toward new record, Canadian dollar down

Canada’s main stock index climbed closer to an all-time high Tuesday, boosted by a broad-based advance across most sectors.

The S&P/TSX composite index was up 49.38 points to 15,905.14, about 17.00 points shy of a new record finish.

“I think you’re seeing a broad participation in global equity markets. We’re seeing fund outflows from bond markets and fixed income and related asset classes,” said Sid Mokhtari, executive director at CIBC Capital Markets.

“I think that’s been the driver of equities, particularly in the U.S. and global equities in general. Money continues to roll out of bonds and move into stocks.”

In New York, the Dow Jones industrial average soared 167.80 points to 23,441.76, a new record high, with rallying shares of construction equipment maker Caterpillar Inc. and Post-it note maker 3M Co. responsible for almost all of the movement due to raised profit forecasts.

Meanwhile, the S&P 500 index inched up 4.15 points to 2,569.13 and the Nasdaq composite index added 11.60 points to 6,598.43.

In currency markets, the Canadian dollar was trading at an average price of 78.95 cents US, down 0.14 of a cent.

On the corporate front, shares of Hudson’s Bay Co. (TSX:HBC) climbed 23 cents, or 1.96 per cent, to $11.98 following news that the Toronto-based retailer is selling its Lord & Taylor Fifth Avenue building in New York to a joint venture between WeWork Property Advisors and Rhone Capital in a deal valued at $1.075 billion.

Rhone Capital will also make a $632 million investment in HBC, with WeWork expected to assume part of the investment.

In commodities news, the December crude contract was up 57 cents to US$52.47 per barrel and the November natural gas contract was down two cents at US$2.97 per mmBTU.

The December gold contract gave back $2.60 to US$1,278.30 an ounce and the December copper contract was up a penny to US$3.20 a pound.