The Toronto stock market logged its third straight session of gains on Tuesday, as financial issues rose with the help of a takeover bid for DundeeWealth.

The S&P/TSX composite index closed up 39.34 points, or 0.3%, at 13,997.62.

The heavyweight financial sector added 1%.

DundeeWealth shares jumped $3.67, or 27.6%, to $16.98 after its parent company rejected an unsolicited $2.4 billion takeover bid from CI Financial

Shares of Dundee Corp, the parent firm, spiked $3.12, or 16.6%, to $21.92.

CI, which said on Tuesday it might adjust the offer, slipped 20¢, or 0.7%, to $26.80.

Bank stocks were also higher, with Royal Bank of Canada up 70¢, or 1.3%, at $54.15.

Among today’s losers, the energy and material sectors declined 0.2% and 0.5%, respectively.

U.S. crude oil dropped below US$80 a barrel as more U.S. production in the Gulf of Mexico came back online following weather disruptions.

The Canadian dollar moved down 0.19 cent at US99.64¢ after going as high as US99.98¢.

The junior S&P/TSX Venture composite index slipped 33.05 points to 2,801.39.

In New York, U.S. stocks mostly edged higher on after growing optimism the U.S. Federal Reserve will soon make another cut in interest rates offset warnings from Lowe’s and Target and weak economic data.

U.S. consumer confidence sank unexpectedly to nearly a two-year low in September, while another report said the pace of U.S. existing home sales fell last month. Both reports supported the view that the Fed would cut rates again at its October policy meeting.

The Dow Jones industrial average gained 19.59 points, or 0.14, to finish at 13,778.65. The S&P 500 dropped 0.52 points, or 0.03, to 1,517.21. The Nasdaq composite index gained 15.50 points, or 0.58, to 2,683.45.