Toronto stocks ticked up on Wednesday as higher gold prices boosted materials shares, while investors await the U.S. Federal Reserve's interest rate decision.
The TSX Composite Index regained 88.69 points to move from morning into afternoon at 20,307.58.
The Canadian dollar gained 0.19 cents at 74.57 cents U.S.
Health-care plays ruled the roost Wednesday morning, with Bausch Health Companies grabbing 79 cents, to 7.6%, to $11.17, while Sienna Senior Living shares improved 13 cents, or 1.2%, to $11.37.
Gold also looked better, with NovaGold climbing 40 cents, or 7.3%, to $5.92, while Equinox Gold climbed 33 cents, or 5.8%, to $6.02.
In other resources, Stelco Holdings moved higher 97 cents, or 2.7%, to $37.47, while First Quantum Minerals were better by 81 cents, or 2.4%, to $34.19.
Elsewhere, Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday, even as across the border, the United Auto Workers union said it could expand strikes against the Detroit Three automakers to more factories.
ON BAYSTREET
The TSX Venture Exchange recovered 0.27 points to 581.99.
All but two of the 12 TSX subgroups were higher midday, with health-care sprinting 2.4%, gold shinier by 1.8%, and materials stronger by 1.3%.
Energy petered out 0.4%, while shares in information technology concerns were unchanged.
ON WALLSTREET
The Dow Jones Industrial Average advanced on Wednesday morning ahead of the latest interest rate decision from the Federal Reserve as the recent pop in oil prices eased and Treasury yields backed off multi-year highs.
The blue-chip recovered Wednesday from big losses on Tuesday, piling 185.84 points to 34,703.57.
The S&P 500 index poked ahead 7.45 points to 4,451.40.
The NASDAQ index descended 36.33 points to 13,641.85.
Caterpillar added more than 1% and Deere climbed more than 2%, amid hopes that the Fed could successfully bring down inflation without tipping the economy into a recession.
The Fed is widely expected to hold rates steady at 2 p.m. ET, but investors will be paying close attention to the summary of economic projections and the press conference of Fed chair Jerome Powell for clues as to whether the central bank will hike one more time this year.
The central bank hiked its benchmark rate in July to the highest level in more than 22 years. Fed funds futures prices signal just a slight chance of about 29% that the central bank would raise rates in November.
Prices for the 10-year Treasury surged, lowering yields to 4.33% from Tuesday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices recovered 61 cents to $91.81 U.S. a barrel.
Gold prices pointed up $12.70 to $1,964 U.S. an ounce.
