04:18 PM EDT, 05/13/2025 (MT Newswires) -- The Toronto Stock Exchange rose for a sixth-straight session on Tuesday as new Prime Minister Mark Carney named his cabinet and emphasized his minority government will work quickly to put Canada's economy back on track after the disruptions caused by a recent federal election and months of trade tensions with the United States.

The S&P/TSX Composite Index closed up 84.68 points to 25,616.86. Among sectors today, the biggest gainers were Base Metals and Energy, up 0.73% and 1.84% respectively. Telecoms, down 2.09%, was the biggest decliner, followed by Health Care, down 1.24%.

According to data provided late Monday afternoon by Dow Jones Market Data, FactSet the TSX was up 578.66 points or 2.32% over the prior five trading days and that had left it 1.07% from its record close of 25,808.25 hit Thursday, Jan. 30, 2025. Month to date the TSX was up 2.78% and year to date was up 804.24 points or 3.25%.

Amid signs of a recent easing in trade tensions between Canada and the U.S., CTV News noted PM Carney was asked who specifically would be working with him in ongoing negotiations with the Trump administration on trade and military/security issues that have been cited by the U.S. President as reasons for his imposing of tariffs on Canadian goods and services.

Carney named the ministers of foreign affairs, Anita Anand, finance, Francois-Phillipe Champagne, Canada-U.S. trade, Dominic LeBlanc, national defence, David McGuinty, and public safety, Gary Anandasangaree, as well as the ambassador to the United States, Kristen Hillman.

In a move that may appease Trump on crime and border security issues, CTV News also noted Carney has pledged to hire 1,000 new RCMP personnel and 1,000 border officers.

CTV News also noted the prime minister has also promised to reinvigorate Canada's housing supply with modular homes and strengthen trade and security ties with countries other than the U.S.

The Hub, a digital news outlet, on Tuesday weighed in on Carney's cabinet. According to it, Francois-Philippe Champagne, who was the "architect of controversial electric vehicle subsidies" under previous PM Justin Trudeau, was given the finance portfolio on the very day that Honda postponed a $15-billion electric vehicle investment project in Ontario. It also noted Steven Guilbeault, "whose radical environmental views alienated Western Canada," remains in the cabinet.

"On energy policy, Guilbeault's presence at the cabinet table, even in heritage, could signal continued tension with Alberta. So too for Julie Dabrusin, environment and climate change minister, who long opposed not only the expansion of the oil sands but all fossil fuels through a green energy transition. On fiscal matters, Champagne's promotion suggests no major departure from deficit spending. These are not the positions of a government charting new territory," The Hub said.

The Hub noted that of the six "most powerful" cabinet positions filled today, five will be held by veterans who operated under Trudeau, who was ousted as Prime Minister in January after near a decade in power while his Liberal Party were close to 20 points behind the main opposition Conservative Party heading in to the April 28 election.

Of commodities today, West Texas Intermediate crude oil closed higher for a fourth session after China and the United States over the weekend agreed to a 90-day pause in their tariff battle and even as inventories rise on higher supply. WTI crude oil for June delivery closed up $1.72 to settle at US$63.67 per barrel, the highest since April 22, while July Brent crude was last seen up $1.66 to US$66.62.

Gold traded higher late afternoon on Tuesday, moving up as the dollar dropped off a month high as U.S. inflation slowed last month. Gold for June delivery was last seen up $25.20 to US$3,253.20 per ounce.