Positive Vibes for TSX
Converge, Torex in Focus
Stocks in the nation's largest market surged Wednesday, as tech issues showed the way.
The TSX Composite picked up 62.25 points to close Wednesday at 20,282.26.
The Canadian dollar poked 0.06 cents to 74.88 cents U.S.
Tech stocks led the winners, with Converge Technology Solutions progressing 90 cents, or 22.6%, to $4.89, while Sylogist Ltd. climbed 38 cents, or 8.7%, to $4.76.
In gold stocks, NovaGold sprinted 25 cents, or 3.3%, to $7.76, while Torex Gold Resources advanced 53 cents, or 4.6%, to $12.04.
Utilities shone, too, with Innergex Renewable Energy acquiring 68 cents, or 4.3%, to $16.42, while Boralex picked up $1.13, or 3.1%, to $37.81.
Energy stocks did not fare so well, with Baytex Energy stumbling 16 cents, or 2.3%, to $6.77, while Parex Resources doffed 42 cents, or 2.2%, to $19.07.
In consumer stocks, Restaurant Brands shedding $1.75, or 1.9%, to $58.84, while Magna International lost 55 cents to $82.16.
Primo Water docked 59 cents, or 2.9%, to $20.05, while Alimentation Couche-Tard fell $1.26, or 2.1%, to $60.20.
The TSX Venture Exchange inched up 0.37 points to 576.75.
Seven of the 12 TSX subgroups were higher by the closing bell, with information technology up 2.2%, while gold and utilities were each ahead 0.9 %.
The five laggards were held down by information technology, sliding 1.3%, while consumer discretionary stocks faltered 0.4%, and consumer staples lost 0.3%.
U.S. stocks rose Wednesday as meeting minutes from the Federal Reserve showed that the central bank is looking to hand out smaller rate hikes in the coming months as inflation cools off.
The Dow Jones Industrials jumped 95.96 points to end Wednesday at 34,194.06
The S&P 500 added 23.68 points to 4,027.26.
The NASDAQ roared ahead 110.91 points, or 1%, to 11,285.32.
Shares of Nordstrom fell 4.2% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose 7.8% after Citi upgraded shares to neutral from sell. Deere surged more than 5% on an earnings beat.
Minutes from the Fed's November meeting signaled that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, meaning smaller ones through the end of this year and into 2023.
Jobless claims data came in higher than expected at 240,000 for the week ending Nov. 19 where economists expected 225,000, signaling that the labor market may be weakening. At the same time, however, durable goods orders for October were stronger than anticipated, coming in at 1%, more than the 0.5% expected.
Earlier in November, the central bank approved a fourth consecutive 0.75-percentage-point hike that brought rates to their highest level since 2008. Economists are forecasting a half-percentage-point increase in December, and smaller rate hikes next year.
Markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Prices for the 10-year Treasury gained ground, lowering yields to 3.70% from Tuesday's 3.76%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.48 to $77.47 U.S. a barrel.
Gold prices climbed $10.60 to $1,750.50 U.S. an ounce.
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