Canada's main stock index was up more than 600 points, while U.S. markets also posted big gains after the U.S. midterm elections saw Democrats take control of Congress.
The TSX broke for lunch Wednesday ahead 695.16 points, or 2%, to 36,277.44.
The Canadian dollar strengthened 0.19 cents at 71.59 cents U.S.
Among company news, Suncor Energy surpassed analysts' expectations for third-quarter profit on Tuesday. Suncor shares faded $5.33, or 5%, to $100.10.
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 $5.0 billion in August to $5.4 billion in September.
ON BAYSTREET
The TSX Venture Exchange rebounded 13.29 points, or 1.7%, to 807.98.
All but one of the 12 subgroups were higher, with gold leading the way, up 7.9%, materials improving 6.6%, and financials, up 4.4%.
Only energy let the side down, falling 5.9%.
ON WALLSTREET
Stocks ripped higher on Wednesday as a decisive victory by Democrats in the U.S. midterm elections — and President Donald Trump’s acceptance of the results — removed political uncertainty risk hanging over Wall Street.
The Dow Jones Industrial index sprang 1,487.64 points, or 2.9%, to 53.274.36
The S&P 500 index shot higher 130.52 points, or 1.7%, to 7,599.96.
The tech-heavy NASDAQ jumped 486.21, or 1.9%, points, to 25,858.22.
Democrats won majorities in both the House of Representatives and Senate, and scored 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.
Shares linked to the economy that could benefit from a more stable environment led the gains. Walmart added 3%, while Bank of America rose 2.5% as investors looked for stocks outside of technology.
Shares that could benefit directly from Democratic policies, or an end to tougher Trump actions, gained. Health insurers and hospital operators advanced, with Molina Healthcare rising 6% along with Centene, and HCA Healthcare up 7%
Shares of CoreWeave were lower Wednesday, along with Elon Musk’s SpaceX, which is headquartered in Texas.
Prices for the 10-year Treasury gained ground, lowering yields to 4.90% from Tuesday’s 4.96%. Treasury prices and yields move in opposite directions.
Oil prices waned $7.57 to $88.52 U.S. a barrel.
Gold prices leaped $135.30 to $4,075.70 U.S. an ounce.
