Equities in Canada’s largest centre moved substantially higher Wednesday, while U.S. markets also posted big gains after the U.S. midterm elections saw Democrats take control of Congress.
The TSX concluded trading Wednesday ahead 809.12 points, or 2.3%, to 36,341.40.
The Canadian dollar moved higher 0.21 cents at 71.61 cents U.S.
Among company news, Suncor Energy surpassed analysts' expectations for third-quarter profit on Tuesday. Suncor shares faded $4.59, or 4.4%, to close at $100.84.
Elsewhere in energy, Enerflex was pasted $4.39, or13.4%, $28.32.
Health-care stocks also took some blows, as Curaleaf shed 84 cents, or 5.9%, to $13.39, while Extendicare lost 44 cents, or 1.6%, to $27,85.
On the positive side, gold stocks dominated, led by Americas Gold and Silver Mines, busting out 51 cents, or 13.5%, to $4.30, while shares in Avino Silver & Gold captured 68 cents, or 11.4%, to $6.65.
In other metals, Discovery Metals climbed $1.47, or 15.3%, to $11.09, while G Mining Ventures leaped $5.42, or 14%, to $44.22.
In the consumer discretionary sector, BRP Inc, popped $6.72, or 7.7%, to $93.81, while Aritzia shares pointed higher $11.37, or 7.6%, to $161.47.
On the economic calendar, Statistics Canada reported that in September, Canada's merchandise exports edged up 0.2%, while imports decreased 0.3%.
As a result, Canada's merchandise trade surplus with the world widened from $5 billion in August to $5.4 billion in September.
ON BAYSTREET
The TSX Venture Exchange spiked 19.68 points, or 2.5%, to 814.37.
All but two of the 12 subgroups were higher, with gold soaring 9%, materials improving 7.4%, and consumer discretionary stocks, up 4.9%.
Energy cooled off 6.2%, while health-care ailed 0.6%.
ON WALLSTREET
Stocks rocketed higher on Wednesday as a decisive victory by Democrats in the U.S. mid-term elections — and President Donald Trump’s acceptance of the results — removed political uncertainty risk hanging over Wall Street.
The Dow Jones Industrial index sprang 1,570 points, or 3%, to conclude Wednesday at 53, 356.72. The 30-stock index moved back above 53,000 for the first time since Sept. 8 and was on pace for its best day since April 9, 2025, when Trump announced a pause on his so-called reciprocal tariffs.
The S&P 500 index flew 119.72 points, or 1.6%, to 7,688.55.
The tech-heavy NASDAQ jumped 364.50, or 1.4%, points, to 25,736.51.
Shares linked to the economy that could benefit from a more stable environment led the gains. Walmart added 4%, while Bank of America rose 3% as investors looked for stocks outside of technology.
Shares of CoreWeave decreased Wednesday, along with Elon Musk’s SpaceX, which is headquartered in Texas.
Democrats won majorities in both the House of Representatives and Senate, scoring victories in key gubernatorial races like Texas. The Democrats will now be a check on the policies of Trump, who’s enacted business-friendly tax cuts, while also pursuing tariffs and a war in Iran that’s boosted inflation.
Trump told the New York Times he was “absolutely willing” to accept the results and told the Wall Street Journal he and Republicans would work with Democrats.
Prices for the 10-year Treasury gained ground, lowering yields to 4.88% from Tuesday’s 4.96%. Treasury prices and yields move in opposite
directions.
Oil prices plummeted $7.42 to $88.67 U.S. a barrel.
Gold prices brightened $131.50 to $4,071.90 U.S. an ounce.
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