Today in the markets
U.S. stocks rebounded from a three-day decline, buoyed by a sharp drop in the U.S. trade deficit, gains in health-care stocks and upbeat German data, which added to market optimism.
Canadian stocks rallied amid a heavy slate of economic data coming out this week and hopes for strong fourth-quarter earnings.
The S&P/TSX Composite rose 101.39 points to 13,596.93, while the TSX Venture Exchange closed up 3.78 points at 949.83.
Active stocks included Google Inc. (NASDAQ: GOOG, Stock Forum), which hit a new record high of $1139.69, before closing at $1,138.85, up 1.9% on the day. JP Morgan, which has an “overweight” rating on Google, raised its target price on the stock to $1,305.
Community Health Systems Inc. (NYSE: CYH, Stock Forum) shares rose 3.7% to $43.46, a day after the company said the new U.S. healthcare law should give a slight boost to the company’s 2014 earnings.
Intel Corp. (NASDAQ: INTC, Stock Forum) , the world's largest maker of computer processors, says its processors are now free of minerals from mines held by armed groups in the Democratic Republic of the Congo. Intel shares were up 0.49% to $25.85.
In Canada, Western Copper and Gold Corp. (TSX: T.WRN, Stock Forum) eased 6.2% to 75 cents as investors reacted to news that the company has submitted the largest proposal ever to the Yukon Environment and Socio-economic Assessment Board for a proposed $2.5 billion gold-copper mine.
Documents for the proposed Casino Mine total about 7,000 pages.
Valeant Pharmaceuticals International Inc. (TSX: T.VRX, Stock Forum) jumped 12.5% to $135.03 after the company said Tuesday that it expects revenue of between $8.2 billion to $8.6 billion for fiscal 2014, an increase of 40%, and cash earnings between US$8.25 and US$8.75 per share. It adds it will continue to look for a big acquisition or a merger of equals.
Rutter Inc. (TSX: T.RUT, Stock Forum) says a group comprised of some of its board of directors intends to make an unsolicited takeover bid for the company, a move that sent the stock up 83.3% to 5.5 cents.
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report