Canada's main stock index rose on Wednesday, boosted by gains in technology and financial stocks, as it recovered from the previous session's broad sell-off triggered by hotter-than-expected U.S. inflation data.
The TSX Composite rebounded 210.54 points, or 1%, to pause for lunch Wednesday at 20,795.51.
The Canadian dollar resurfaced 0.10 cents at 73.80 cents U.S.
IT gains were led by crypto miners Hut 8 and Bitfarms after Bitcoin hit a two-year high and breached $1 trillion in market cap. Hut 8 shares galloped $1.75, or 15.1%, to $13.32, Bitfarm shares rose 39 cents, or 9.6%, to $4.46.
Intact Financial advanced $9.18, or 4.4%, to $217.61, while goeasy vaulted $8.79, or 5.6%, to $166.00 to become the top performers amongst financial stocks.
Manulife Financial and gold miners like Dundee Precious Metals and Kinross Gold among others are set to report their quarterly results after the bell on Wednesday. Manulife advanced 39 cents, or 1.4%, to $30.55, while Dundee shares dropped a nickel at $7.94. Shares for Kinross edged up two cents to $6.73.
Shares of gold miner Centerra Gold jumped 37 cents, or 5.9%, to $6.51 to the index's top after the company announced its fourth-quarter results. Centerra shares
ON BAYSTREET
The TSX Venture Exchange recouped 7.37 points, or 1.4%, to 544.57.
All but two 12 subgroups were in the green, with information technology stocks higher by 1.6%, while industrials and financials each climbed 1.5%.
Gold and materials each 0.2%.
ON WALLSTREET
The S&P 500 rose Wednesday as Wall Street tried to claw back some of the steep losses suffered in the previous session.
The Dow Jones Industrials came off itheir highs of the morning, forging gains of only 11.06 points at 38,283.81.
The S&P 500 index took on 19.42 points to 4,972.59.
The NASDAQ index jumped 94.62 points to 15,750.22.
Lyft shares jumped 30% after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped 4% even as the company beat on revenue expectations in its latest quarter.
Shares of Nvidia nudged higher, sending the chipmaker’s market capitalization briefly above that of fellow “Magnificent 7” member Alphabet’s. This follows Nvidia’s 2% slide on Tuesday after rising Treasury yields sunk technology stocks.
Prices for the 10-year Treasury picked up, lowering yields to 4.26% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices sank 49 cents to $77.38 U.S. a barrel.
Gold prices sank $3.10 to $2,004.10.
