Canada's main stock index rose the most in one week on Wednesday as energy stocks soared after sources of the Organization of the Petroleum Exporting Countries said the group has struck a deal to limit crude output, while the financials and materials groups also gained ground.
The S&P/TSX Composite leapt 173.39 points, or 1.2%., to conclude Wednesday at 14,731.43
The Canadian dollar revived 0.56 cents at 76.33 cents U.S.
Baytex Energy took off like a Saturn rocket, climbing 75 cents, or 15.4%, to $5.62, while MEG Energy zoomed 65 cents, or 13.3%, to $5.55.
Among materials stocks, Teck Resources gained 57 cents, or 2.4%, to $24.73
The gold sector also shone as Eldorado Gold gained 15 cents, or 2.9%, to $5.30, while Yamana Gold picked up 14 cents, or 2.5%, to $5.85.
Among consumer staples, one of the few losing groups, Alimentation Couche-Tard was punished $1.14, or 1.8%, to $63.66, while Metro lost 15 cents to $43.46.
ON BAY STREET
The TSX Venture Exchange gained 6.98 points at 801.47
All but two of the 12 TSX subgroups strengthened on the day, as energy climbed 5.3%, materials were up 1.4%, and gold shone 1.3% brighter
The two laggards were consumer staples, down 0.6%, and utilities, off 0.3%.
ON WALL STREET
U.S. stocks closed higher Wednesday as investors digested commentary from several key Federal Reserve officials while a meeting overseas of the Organization of the Petroleum Countries concluded.
The Dow Jones Industrials bolted higher 110.94 points to 18,339.24, with Caterpillar the top advancer and Nike the biggest decliner.
The S&P 500 gained back 11.44 points to 2,171.37, with energy leading eight sectors higher and telecommunications lagging.
The NASDAQ Composite moved higher 12.84 points to 5,318.55
In corporate news, Nike shares fell more than 3% after the company reported disappointing quarterly results. Sonic's stock also tumbled more than 7% after the firm lowered its fourth-quarter guidance.
Wednesday afternoon Eastern Time, Reuters reported that OPEC had reached a deal a deal to limit production in November. U.S. crude jumped on the heels of the news. Earlier, U.S. oil had traded lower after a build in gasoline stockpiles offset a draw in crude inventories.
In economic data news, U.S. durable goods orders for August came in unchanged versus an expected decline, but core capital goods orders rose for a third straight month.
In all, six Fed officials spoke, including St. Louis Fed President James Bullard, Kansas City Fed President Esther George, Cleveland Fed President Loretta Mester and Chicago Fed President Charles Evans.
Fed Chair Janet Yellen said in a prepared testimony to the House Financial Services Committee that U.S. banks are well capitalized, but remain challenged by weak interest income. She did not comment on monetary policy, however.
Prices for the 10-year Treasury lowered, raising yields to 1.57% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.17 to $46.73 U.S. a barrel
Gold prices dropped $3.90 at $1,326.50 U.S. an ounce.
