Canada’s main stock index ticked lower on Wednesday as a drop in oil prices pressured the energy stocks, offsetting a broadly upbeat mood arising from hopes of a trade deal between United States and China.
The TSX Composite Index remained in the green 25.69 points to greet noon Wednesday at 17,061.57
The Canadian dollar slid 0.09 cents to 75.26 cents U.S.
The largest percentage gainers on the TSX were Hudson’s Bay Co., which jumped $1.10, or 12.5%, to $9.93, after Catalyst Capital Group topped the Canadian retailer’s agreed deal with a consortium led by its Executive Chairman Richard Baker
TMX Group Ltd fell $5.72, or 5.1%, the most on the TSX., to $106.39. The second-biggest decliner was First Majestic Silver, down 52 cents, or 3.6% to $13.85.
ON BAYSTREET
The TSX Venture Exchange recovered 0.29 points to 532.02
All but three of the 12 Toronto subgroups were higher midday, with health-care and consumer staples each better by 1%, and consumer discretionary growing 0.8%
The three laggards proved to be gold, down 1.1%, materials fading 0.8%, while energy retreated 0.7%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite rose slightly on Wednesday, building on their record-setting run after the release of stronger-than-forecast economic data.
The Dow Jones Industrials moved tenaciously higher 1.04 points from Tuesday’s all-time record, at 28,122.72.
The S&P 500 added 8.15 points to 3,148.57 from Tuesday’s record.
The NASDAQ added 45.5 points to 8,673.44, improving on Tuesday’s all-time peak.
Apple and Facebook contributed to Wednesday’s gains, Apple rising 0.5% Facebook up 0.7% respectively. Amazon traded higher by 0.9% while Netflix rose 0.7%.
Wednesday’s moves come ahead of the U.S. Thanksgiving holiday for which the market will be closed on Thursday. Typically, the Wednesday before Thanksgiving has been a good day for stocks. Data from the Stock Trader’s Almanac shows the Dow has only declined 16 times in the past 66 years the day before the holiday.
Durable goods orders rose 0.6% in October while economists expected a decline of 0.8%. Weekly jobless claims, meanwhile, fell to 213,000 from 227,000. Third-quarter GDP was revised to show growth of 2.1%. That’s up from a previous reading of 1.9%.
The strong data comes ahead of the Federal Reserve releasing its Summary of Commentary on Current Economic Conditions, also known as the Beige Book, at 2 p.m.
The commentary offers insight on the state of the world’s largest economy and a look into how the Fed views its monetary policy stance. The Fed has lowered rates three times this year and has indicated it will likely keep rates at current levels for the foreseeable future.
Prices for the 10-Year U.S. Treasury docked strength, raising yields to 1.76% from Tuesday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices faltered 65 cents at $57.76 U.S. a barrel.
Gold prices gave up $5.90 to $1,461.50 U.S. an ounce.