More Records in Toronto

Canada’s main stock index hit an all-time high on Wednesday, driven by tech and energy stocks, as oil prices jumped on optimism over fewer new coronavirus cases.

The TSX Composite Index added 55.74 points to finish Wednesday’s session at 17,832.85. The Canadian dollar gained 0.21 cents to 75.45 cents U.S.

The TSX Venture Exchange faded 2.2 points to move into Wednesday noon hour at 570.92.

Shopify Inc was the biggest percentage gainer on the TSX after posting better-than-expected quarterly earnings and forecasting full-year revenue above Wall Street estimates. Shopify moved skyward $59.76, or 9.1%, to $714.98.

Elsewhere among techs, Lightspeed POS jumped $1.94, or 2.2%, to $115.70.

Energy stocks had a good day, too, as Baytex Energy screamed ahead eight cents, or 5.8%, to $1.47, while ARC Resources traveled 28 cents higher, or 4.2%, to $6.97.

Industrials took the “bronze”, so to speak, with Bombardier triumphing 13 cents, or 9.2%, to $1.55, while TFI International gatherd $1.85, or 4.2%, to $45.49.

Gold and materials subsided, with Centerra Gold capsizing 55 cents, or 5.3%, to $9.88, while Alamos Gold docked 31 cents, or 3.8%, to $7.95.

Pretium Resources was severely bruised, $2.71, or 21.3%, to $10.01, while First Majestic doffed 22 cents, or 1.7%, to $12.74.

Health-care took some knocks Wednesday, as Aurora Cannabis gave back 14 cents, or 6.3%, to $1.92. Aphria faded 22 cents, or 3.9%, to $5.43.

ON BAYSTREET

The TSX Venture Exchange retreated 1.39 points to 571.73.

Eight of the 12 TSX subgroups gained ground Wednesday, with information technology ahead 3.2%, energy better by 1%, and industrials picking up 0.4%.

The four laggards were weighed most by gold, down 1.2%, health-care, sagging 1.1%, and materials, off 0.6%.

ON WALLSTREET

Stocks rose to all-time highs on Wednesday as investors shook off concerns over how the coronavirus would impact corporate profits and the global economy.

The Dow Jones Industrials rocketed 275.08 points to 29,551.42, and hit a record.The S&P 500 picked up 21.7 points at 3,379.45, also reaching an all-time high. The NASDAQ jumped 87.02 points to 9,725.96.

UnitedHealth climbed more than 4% to lead the Dow higher. Nike, Apple and Caterpillar all rose more than 2%. Tech and energy were the best-performing sectors in the S&P 500, climbing more than 1% each.

Wynn Resorts and Las Vegas Sands, two stocks tied to coronavirus worries because of their exposure to the Chinese market, each rose more than 3%. Those gains follow an upgrade from a Bank of America analyst who recommended buying the stock because coronavirus cases were "leveling out."

Delta took flight 1.4%, and American Airlines climbed 2.1%.

Corporate earnings remained in focus after Lyft reported more than $1 billion in quarterly revenue, but forecast slower growth in 2020. Lyft shares slid 10.2%.

CVS Health, Molson Coors, Teva Pharmaceutical and Shopify all reported quarterly results that beat analyst expectations. About 70% of S&P 500 companies have posted calendar fourth-quarter results. Of those companies, 71.1% have beaten analyst expectations,

Federal Reserve Chairman Jerome Powell on Tuesday testified in front of the House Financial Services Committee that the American economy is in a good place, but that the central bank is "closely monitoring" the potential global economic fallout from the virus.

As of Tuesday night, China’s National Health Commission had reported 97 additional deaths with total confirmed cases passing 44,000. However, the pace of new reported cases appears to be slowing down as they hit their lowest levels since late January.

Prices for the 10-Year U.S. Treasury fell, raising yields to 1.63% from Tuesday’s 1.6%. Treasury prices and yields move in opposite directions.

Oil prices improved $1.61 to $51.55 U.S. a barrel. Gold prices deducted 30 cents to $1,569.80 U.S. an ounce.


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