The TSX Composite Index gained 138.86 points to conclude Wednesday at 17,651.59. The Canadian dollar lopped off 0.03 cents to 75.25 cents U.S.
Energy stocks led the charge, with Seven Generations Energy higher by 56 cents, or 8.8%, to $6.93, while MEG Energy added on 59 cents, or 8.5%, to $7.51.
Among consumer discretionary concerns, Linamar acquired $1.13, or 2.6%, to $45.02, while Restaurant Brands International zoomed $1.71, or 2.1%. to $83.60.
Materials climbed, too, as Hudbay Minerals jumped 37 cents, or 9%, to $4.47, while SEMAFO triumphed 23 cents, or 9.1%, to $2.75.
Tech stocks lost some of their fizz, as Descartes Group discarded $1.41, or 2.3%, to $60.85, and Shopify docked $13.74, or 2.1%, to $630.91.
Health-care backpedaled, as Canopy Growth lost 89 cents, or 3%, to $28.82, while Aphria surrendered 17 cents, or 2.7%, to $6.13.
ON BAYSTREET
The TSX Venture Exchange regained 2.94 points to end Wednesday to 576.36.
All but two of the 12 TSX subgroups were positive on the day, energy shooting higher 3.5%, consumer discretionary stocks up 1.1%, and materials ahead 1%.
The two laggards were information technology, falling 0.8%, and health-care, off 0.7%.
ON WALLSTREET
Stocks rose on Wednesday, pushing the S&P 500 back to levels hit prior to the coronavirus scare.
The Dow Jones Industrials raced higher 483.09 points, or 1.7%, to 29,290.72. UnitedHealth and IBM rose more than 5% each to lead the Dow higher. Wednesday’s gains put the 30-stock average within striking distance of reaching its pre-coronavirus levels.
The S&P 500 gained 37.13 points, or 1.1% at 3,334.72, led by strong gains in the energy, financials and health care sectors. That gain put the S&P 500 on pace to notch a record closing high. It also erased its losses stemming from fears over the coronavirus.
The NASDAQ forfeited gained 40.71 points to 9,476.21. Tesla shares declined more than 15%, taking the air out of the index’s rally. Tesla’s decline came after Wall Street analysts called for caution around the high-flying stock. Tesla is up more than 80% for 2020 even with Wednesday’s drop.
Earlier on Wednesday, media reports said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The reports suggested this was a reason for the move higher in stocks.
Confirmed coronavirus cases in China are near 25,000, claiming the lives of 490 people. President Donald Trump said during Tuesday’s State of the Union address that the U.S. is “working closely” with the Chinese government to contain the virus.
Stocks also rose after ADP and Moody’s Analytics said U.S. private payrolls rose by 291,000 in January. That’s the biggest monthly payrolls gain in nearly five years.
The report from ADP and Moody’s Analytics is often seen as a preview to the government’s official monthly jobs report, which is set for release Friday morning.
Prices for the 10-Year U.S. Treasury dipped, raising yields to 1.65% closer to Tuesday’s 1.6%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.39 to $51.00 U.S. a barrel. Gold prices picked up six dollars to $1,561.50 U.S. an ounce.