The Globe and Mail reports in its Wednesday edition that U.S. and Canadian stocks closed higher on Tuesday after positive earnings from top-tier American companies, with the Toronto market climbing to its highest level in over a week. A Reuters dispatch to The Globe says that Tesla kicked off the earnings cycle for Big Tech after markets closed, announcing the launch of new electric-vehicle models and quarterly revenue that missed analyst estimates. Its shares jumped 6 per cent in after-hours trade. Markets were also buoyed by upbeat earnings from companies such as General Motors, which closed up 4.4 per cent. Later this week come results from other tech majors, including Microsoft, Alphabet and Meta. Data on Tuesday showed that U.S. business activity cooled in April to a four-month low owing to weaker demand, while rates of inflation eased slightly even as input prices rose sharply, suggesting possible relief ahead for rising consumer prices. The S&P/TSX Composite Index closed up 139.76 points at 22,011.72. Information technology shares led gains on the Canadian index with a 2-per-cent rally, helped by a 5-per-cent jump in Shopify. BCE had a strong day after CIBC upgraded it to "outperformer" from "neutral."