TSX Rises 2% As Stocks Rally On Bargain Hunting

(RTTNews) - The Canadian market is up sharply on Tuesday with investors indulging in some hectic buying across the board, picking up stocks at reduced prices following recent steep fall.

Despite U.S. President Donald Trump's conciliatory tone over the weekend with regard to trade relations with China, there are still concerns about the trade spat between the world's two largest economies.

Stronger than expected earnings from big name U.S. banks Citigroup, Goldman Sachs, Wells Fargo and JP Morgan aided sentiment.

Materials, technology, financials, healthcare, consumer discretionary and industrials stocks are up sharply. Several stocks from other sectors have also moved notably higher.

The benchmark S&P/TSX Composite Index was up 598.58 points or 2.01% at 30,449.47 a little while ago. 30,478.01

The Materials Capped Index is up more than 4%, with several key stocks from the sector rising sharply on firm metal prices.

Orla Mining is soaring 22%. Endeavour Silver Corp surged nearly 17%. Ero Copper, Perpetua Resources Corp., Iamgold Corp, Lundin Gold, Aris Gold Corporation, First Majestic Silver Corp, Ssr Mining, and Skeena Resources are up 7 to 10%.

The Information Technology Capped Index is up more than 3%. Bitfarms is up with a hefty gain of 44% following strategic financial moves. The company has converted a $300 million facility into project-level financing and secured an extra $50 million for its AI campus.

Celestica, Lightspeed Commerce, Sylogist, Descartes Systems, Quarterhill and Shopify Inc. are up 2.3 to 5%.