Equities in Canada’s largest market took off like a Saturn rocket Wednesday afternoon, as tech and resource issues took over a leadership role from financials.
The TSX Composite changed direction and gained 176.26 points to conclude trading Wednesday at 20,453.67.
The Canadian dollar flew 0.75 cents to 74.36 cents U.S.
Techs shone, most notably, Shopify, up $4.17, or 8.3%, to $54.62, while Payfare soared 33 cents, or 7.7%, to $4.62.
In golds, Centerra Gold strengthened 19 cents, or 2.7%, to $7.17, while Iamgold moved up 13 cents, or 4.9%, to $2.78.
In materials, Silvercrest Metals gathered 54 cents, or 6.5%, to $8.87, while Pan American Silver moved ahead $1.20, or 5.8%, to $21.94.
Energy stocks, though, were not so prosperous, as Suncor skidded 91 cents, or 2%, to $44.52, while Imperial Oil gave back 77 cents, or 1%, to $77.21.
ON BAYSTREET
The TSX Venture Exchange popped 11.43 points, or 2%, to 590.35.
All but one of 12 subgroups were positive on the day, with information technology ahead 4.2%, gold better by 2.3%, and materials improving 1.4%.
Only energy stocks missed out on the festivities, sagging 0.7%.
ON WALLSTREET
Stocks climbed Wednesday as Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets.
The Dow Jones Industrials popped 646.12 points, or 1.9% to close Wednesday at 34,589.77.
The S&P 500 rumbled higher 122.48 points, or 3.1%, to 4,080.10.
The NASDAQ hiked 484.22 points, or 4.4%, to 11,468.
The Dow and S&P 500 are both set to end the month up more than 4%, while the NASDAQ is on track to gain around 3%.
Speaking at the Brookings Institute in Washington, D.C. Wednesday, Powell cautioned the Fed may stay with restrictive policy for a long time before it ends its inflation fight.
Powell’s comments bolstered growing optimism among some investors that the Fed will deliver a smaller, half-percentage point rate hike at its next meeting on Dec. 14 after four straight increases of three-quarters of a point to tame high inflation.
Morgan Stanley named Blackstone a top pick in financials as investors prepare for a potential pivot from the Federal Reserve.
The analyst said the stock is at an attractive entry point after its decline this year. Shares of Blackstone are down roughly 33% in 2022. They gained $3.32, or 3.8%, to $91.53.
Jobs opening data from the U.S. Labor Department released later Wednesday showed the number of openings falling and coming in below expectations. On top of that, pending home sales declined for the fifth consecutive month in October, according to data from the National Association of retailers.
But the Bureau of Economic Analysis also said Wednesday that third-quarter GDP increased at a 2.9% annual rate, according to its second estimate. That was revised higher from the 2.6% first estimate, showing the economy is stronger than previously thought.
Prices for the 10-year Treasury spiked lowering yields to 3.64% from Tuesday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices increased $2.37 to $80.57 U.S. a barrel.
Gold prices gained $19.80 to $1,783.50 U.S. an ounce.
