Equities in Canada’s largest centre took the good vibes from their American cousins Wednesday, and ascended toward levels they hadn’t seen in more than a year and a half.
The S&P/TSX Composite climbed 111.95 points to close Wednesday at 15,237.75
The Canadian dollar added 0.24 cents to 75.55 cents U.S.
Among consumer discretionary issues, Ritchie Bros. Auctioneers leaped $1.77, or 3.5%, to $52.16.
Tech stocks were also stronger, as BlackBerry added two cents to $10.09, while Constellation Software roared ahead $22.08, or 3.7%, to $618.31.
In consumer staples, Loblaw Companies gained 57 cents to $69.96, while Metro jumped 53 cents, or 1.3%, to $40.39.
Energy stocks trailed the field, however, as EnCana Corporation dropped 31 cents, or 1.9%, to $16.43, while Calfrac Well Services declined four cents, or 1%, to $3.95.
In the health-care field, Valeant Pharmaceuticals moved earthward 78 cents, or 3.8%, to $19.95, while Concordia International wilted 18 cents, or 5.7%, to $2.97.
The Bank of Canada, as expected, is maintaining its target for the overnight rate at 0.5%. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%
ON BAYSTREET
The TSX Venture Exchange was off its highs of the day, but still gained 1.77 points to 749.97
All but two of the 12 TSX subgroups were higher, as consumer discretionary and information technology stocks each picked up 2.2%, and consumer staples were better by 1.2%,
The two laggards were energy, down 0.8%, and health-care, which skidded 0.6%.
ON WALLSTREET
U.S. equities closed sharply higher on Wednesday as the Dow and S&P 500 hit new record highs, while investors awaited a monetary policy announcement from the European Central Bank.
The Dow Jones Industrials left Tuesday’s all-time high in the dust, skyrocketing 297.84 points, or 1.6%, Wednesday, to 19,549.62 with Home Depot leading advancers and Pfizer the biggest decliner.
The S&P 500 hurtled skyward 29.12, or 1.3%, to 2,241.35, with telecommunications leading 10 sectors lower and health-care the only decliner.
The NASDAQ composite index leaped 60.76 points, or 1.1%, to 5,393.76
Entering Wednesday, the Dow had posted gains in 17 of the past 21 sessions and 11 record closes since the election. The S&P, meanwhile, has risen 3.4%, and the NASDAQ 2.7%, since Nov. 8.
Investors also looked ahead to a key ECB meeting, in which the central bank is largely expected to extend its quantitative easing program beyond March 2017, particularly after a Sunday referendum in Italy left the country's banks in a vulnerable spot.
There are no major U.S. economic data due Wednesday, one week before a Federal Reserve meeting in which the U.S. central bank is expected to raise interest rates. Experts put the chances of a rate hike around 95%.
Treasury prices for the 10-year note gained a bit, lowering yields to 2.35% from Tuesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.05 to $49.88 U.S. a barrel
Gold prices strengthened $5.70 to $1,175.80 U.S. an ounce.
