TSX Keeps its Upward Path


Canada's main stock index hit a record high on Wednesday, boosted by financial stocks, as investors assessed strong quarterly earnings from two of the biggest domestic lenders.

The TSX gained 61.31 points to kick off the midweek session at 25,697.03

The Canadian dollar sank 0.02 cents to 71.11 cents U.S.

Royal Bank of Canada reported a rise in fourth-quarter profit as the country's biggest lender benefited from strong performance in its personal banking business. Shares in Canada’s biggest bank ballooned $2.61, or 1.5%, to $178.41

Meanwhile, the National Bank of Canada also reported higher quarterly profit, helped by solid performance in its wealth management unit. National shares, by contrast, took a spill, $4.49, or 3.1%, to $136.27.

In the economic docket, Greater Toronto Area home sales rose for the fourth straight month in November and prices climbed to a one-year high as lower borrowing costs encouraged buyers to move off the sidelines.

ON BAYSTREET

The TSX Venture Exchange gained 2.81 points to 623.53.

Seven of the 12 TSX subgroups lost ground in the first hour, weighed most by energy, sliding 0.8% consumer discretionary stocks, fading 0.5%, and health-care, off 0.4%.

The five gainers were led by information technology, rocketing 1.7%, while industrials and financials each acquired 0.3%.

ON WALLSTREET

Stocks rose Wednesday as Salesforce and Marvell Technology led tech shares higher on the back of strong quarterly earnings.

The Dow Jones Industrial index regained 122.65 points to 44,828.18

The S&P 500 surged 12.02 points to 6,061.90.

The NASDAQ Composite shot higher 134.88 points to 19,615.79.

Both the S&P 500 and NASDAQ hit fresh record highs.

Salesforce climbed 9% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings

A report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions.

Prices for the 10-year Treasury were static, keeping yields at Tuesday’s 4.23%.

Oil prices stood still at $69.94 U.S. a barrel.

Prices for gold jumped $7.20 an ounce to $2,675.10 U.S.

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