Stocks enjoy higher openBaystreet.ca
Building permits down in June
Canada's main stock index roared higher Tuesday, as markets remained optimistic that the European Central Bank was edging towards a new plan to resolve the region's crisis and prevent the collapse of the euro.The S&P/TSX Composite index leaped 146.92 points, or 1.3%, to begin a short week at 11,809.51The Canadian dollar moved higher 0.33 cents Tuesday morning to 100.31 cents U.S.Markets in Toronto were closed Monday for a provincial holiday.Among stocks to watch this morning, Enbridge Inc. plans to restart a pipeline that leaked more than 1,000 barrels of crude onto a Wisconsin field after receiving the green light from U.S. regulators.BHP Billiton is in talks with mining and retail group Harry Winston about a sale of its diamond business, according to the Financial Times.Oil exploration and production company Gran Tierra Energy Inc's quarterly profit fell nearly 59% as production was hit by pipeline disruptions.First Quantum Minerals has partnered with a Zambian company to develop a new copper mine in central ZambiaEconomically speaking, Statistics Canada reported a slump in residential building permits in June, the number falling 2.5% to $6.8 billion, after a 7.1% increase in May. Slumps in the number of permits in Alberta and B.C. proved the main culprits.ON BAYSTREETThe TSX Venture Exchange gained 4.66 points to 1,191.61. The Nasdaq Canada index added 1.93 points to 346.92.All 14 Toronto subgroups were positive in the first hour, led by metals and mining issues, up 3.5%, global base metals, ahead 2.6%, and information technology, gaining 2.2%.ON WALLSTREETU.S. stocks rose at the open Tuesday as investors geared up for more corporate earnings and held out hopes that European officials are working on a plan to stave off a euro-zone collapse.The Dow Jones industrial average prospered 75.27 points, to begin Tuesday at 13,192.78The S&P 500 increased 9.3 points to 1,403.53. The Nasdaq tacked on 22.72 points to 3,012.63Stocks have advanced for two straight sessions, fueled by a better-than-expected July jobs report. All three indexes are at the highest levels since early May.Investors remain optimistic that European officials will follow through, after European Central Bank President Mario Draghi's comments last week in support of a bond-buying program to help lower borrowing costs in Spain and Italy.Shares of Fossil climbed after the fashion accessories retailer's second quarter profit jumped 12% and topped forecasts.Chesapeake Energy, which has been in the spotlight amid takeover chatter and a management shakeup, posted second-quarter results that beat sales expectations.Shares of British banking giant Standard Chartered fell 24% in London trading on Tuesday. The bank allegedly helped Iran avoid sanctions by concealing $250 billion U.S. worth of transactions over nearly 10 years, according to banking regulators in New York.Standard Chartered said in a statement that it "strongly rejects the position or the portrayal of facts" made by the New York officials.Best Buy's stock continued to move higher in pre-market trading a day after the company's founder and major shareholder, Richard Schulze, offered to take the electronics retailer private at $24 to $26 U.S. a share, a 36% to 47% premium.Shares of Apple were higher in early trading. The stock has rebounded more than 8% since a 4% pummeling the day after it missed forecasts and guided lower. In fact, Apple shares are now just 3% below the all-time high of $644 U.S. set in April.Economically speaking, the U.S. Federal Reserve will release data on June consumer credit at 3 p.m. ET, figures which are expected to have expanded by $10 billion U.S. versus the month prior, according to a survey of analysts by Briefing.com.The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.62% from 1.56% late Monday. Treasury prices and yields move in opposite directions.Oil for September delivery jumped 71 cents to $92.91 U.S. a barrel.Gold futures for August delivery gained 60 cents to $1,613.50 U.S. an ounce.