Gold Stocks Shine, TSX Up Slightly -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher for a second day Tuesday, with gains in the gold sector offsetting weakness in the oil patch.

The S&P/TSX Composite Index rose 36.04 points, or 0.27 percent, to 13,426.23.

Fed Chair Janet Yellen quelled speculation US interest rates will be hiked in April, driving gold prices higher.

June gold gained $15.50, or 1.3 percent, to settle at $1,237.50/oz, breaking a losing streak.

Gold stocks jumped 4 percent, but energy shares were down slightly.

May WTI oil was down $1.11, or 2.8%, to settle at $38.28/bbl on Nymex. It was the lowest closing price in two weeks.

Michael Pearson, the outgoing Chief Executive of Valeant Pharmaceuticals International Inc. ((VRX, VRX.TO), has been subpoenaed by a Senate committee that is investigating sudden drug price hikes.