Canadian Stocks Rising Sharply On Positive Global Cues

(RTTNews) - The Canadian market is high up in positive territory a little past noon on Tuesday, extending gains from the previous session, amid hopes the Fed will slow down its monetary tightening after data showed a slower pace of growth in the country's manufacturing activity in September.

Data showing a significant drop in job vacancies in the U.S. in the month of August also supports the argument for the Fed to stop raising interest rates aggressively.

Technology, healthcare, energy, materials, financials and consumer discretionary stocks are up sharply. Several stocks from real estate, industrials and utilities sections are also up with impressive gains.

The benchmark S&P/TSX Composite Index is up 504.98 points or 2.67% at 19,386.17 a few minutes past noon.

Shopify Inc (SHOP.TO) is soaring 13.3%. Teck Resources (TECK.A.TO) is up nearly 13% and Nuvei Corporation (NVEI.TO) is climbing 10.1%.

FirstService Corporation (FSV.TO), Colliers International (CIGI.TO), Descartes Systems (DSG.TO), CargoJet (CJT.TO), Nutrien (NTR.TO), goeasy (GSY.TO), TFI International (TFII.TO) and BRP Inc (DOO.TO) are gaining 4 to 7%.

Hut 8 Mining (HUT.TO), Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), BlackBerry (BB.TO), Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO), Fairfax Financial Holdings (FFH.TO), Bank of Nova Scotia (BNS.TO), Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) are also up sharply.