After a failed attempt at a rally on Monday, U.S. stocks succeeded in breaking loose on Tuesday ahead of U.S. midterm election results and a monetary policy statement from the Federal Reserve.
The Dow Jones industrial average closed at 11,188.72, up 64.10 points, or 0.6 per cent. The broader S&P 500 closed at 1193.57, up 9.19 points, or 0.8 per cent. However, Canada's benchmark index continued to tread water: The S&P/TSX composite index closed at 12,681.42, up 16.61 points, or 0.1 per cent.
The reaction to earnings reports was mixed. MasterCard Inc. rose 2.9 per cent after the credit card company reported a 15 per cent jump in its quarterly earnings. However, Pfizer Inc. fell 1 per cent after the pharmaceutical company reported a sharp retreat in its earnings - but nonetheless topped analysts' expectations after one-time items were excluded from the results.
In other moves, blue-chip financial stocks were relatively weak. Bank of America Corp. fell 0.9 per cent and JPMorgan Chase & Co. fell 1.2 per cent.
In Canada, commodity producers helped lift the broader index after the price of crude oil rose to $83.90 (U.S.) a barrel, up 95 cents. Gold rose to $1356.90 an ounce, up $6.30. Barrick Gold Corp. rose 0.7 per cent and Canadian Natural Resources Ltd. rose 1.9 per cent.
However, the Big Banks fizzled and Research In Motion Ltd. fell 1 per cent. As well, Potash Corp. of Saskatchewan Inc. fell 1.6 per cent over ongoing uncertainty about whether Ottawa will allow the fertilizer producer - currently in the sights of Australia's BHP Billiton Ltd. - to be taken over by a foreign-controlled company.