Triple-Digit Gains for Canadian Indexes
Vermilion, Lithium Americas Lead Pack
Equities in Canada's largest centre made amends Wednesday for earlier week losses, led by resource and financial stocks.
The TSX Composite shot higher 140.54 points, to close Wednesday at 20,693.79
The Canadian dollar recouped 0.37 cents to 79.17 cents U.S.
As south of the border, energy stocks led the charge Wednesday, with Vermilion Energy towering 63 cents, or 6.8%, over Tuesday's close to $9.93, while Crescent Point Energy jumped 34 cents, or 6.8%, to $5.35.
Among resource stocks Lithium Americas leaped $1.40, or 4.7%, to $31.01, while Methanex acquired $2.51, or 5.1%, to $51.85.
In the financial world, Equitable Group raced ahead $3.15, or 2.1%, to $149.61, while Canadian Imperial Bank of Commerce chugged ahead $1.81, or 1.2%, to $147.99.
Communications backpedaled, however, with Rogers gaining 49 cents to $59.42, while Telus Corp. dumped 24 cents to $28.73.
Among consumer staples, SunOpta fell 33 cents, or 2.9%, to $11.23, while Saputo sank 76 cents, or 2.2%, to $33.70.
In the financial realm, Intact Financial dipped $2.36, or 1.4%, to $171.31, while goeasy subsided $2.47, or 1.2%, to $208.71.
On the economic chart, Statistics Canada said the Consumer Price Index rose 4.1% on a year-over-year basis in August, up from a 3.7% gain in July.
On a seasonally adjusted monthly basis, the CPI rose 0.4% in August.
Moreover, the Canadian Real Estate Association reported MLS home sales edged back 0.5% on a month-over-month basis in August.
The TSX Venture Exchange added 7.3 points to 904.70.
Seven of the 12 TSX subgroups ended higher, with energy rumbling 4.3%, materials up 0.8%, and financials ahead 0.7%.
The five laggards were weighed most by communications, down0.6%, while consumer staples and consumer discretionaries each shed 0.4%.
The Dow Jones Industrial Average rebounded Wednesday after a string of negative trading sessions this September.
The blue-chip index popped 236.82 points to 34,814.39
The S&P 500 recovered 37.65 points to 4,480.70.
The NASDAQ Composite took flight 123.77 points to 15,161.53.
Energy stocks, which have been popular bets among investors banking on a big economic recovery, gained as WTI crude rose.
Rising U.S. Treasury yields helped lift bank stocks, with Citigroup up 2.4% and Morgan Stanley 1.1% higher. Higher interest rates typically boost bank profits.
Industrial names closely linked to the economic recovery also gained, with General Electric and Caterpillar higher.
Microsoft shares gained 1.7% after announcing a dividend increase and a sizable $60 billion share repurchase program.
Casino stocks like Las Vegas Sands and Wynn Resorts traded in the red again on Wednesday. Those names took a big hit Tuesday as the government of Macau looks to increase regulatory scrutiny over casinos and Chinese health authorities reported a COVID-19 outbreak.
Prices for 10-Year Treasurys fell, raising yields to 1.30% from Tuesday's 1.28%. Treasury prices and yields move in opposite directions.
Oil prices revived $2.20 to $72.66 U.S. a barrel.
Gold prices slipped $11.90 to $1,795.20 U.S. an ounce.
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