Equities in Toronto rose to a near three-month high on Wednesday, lifted by cannabis stocks, and tracking a global rally in equities on upbeat earnings and easing geopolitical tensions.
The S&P/TSX Composite remained higher 258.11 points, or 1.2%, to move into lunch hour Wednesday at 21,635.29
The Canadian dollar added 0.19 cents at 78.89 cents U.S.
Canopy Growth rose $1.51, or 11.5%, to $11.28, after posting a smaller third-quarter loss.
Elsewhere, Cronos Group made 33 cents, or 7% worth of progress to $5.06. Tilray jumped 75 cents, or 9.5%, to $8.68, and Hexo hiked seven cents, or 8.4%, to 90 cents.
Additionally, Bank of Canada Governor Tiff Macklem is due to speak at the Canadian Chamber of Commerce this afternoon.
ON BAYSTREET
The TSX Venture Exchange strengthened 11.61 points, or 1.4%, to 870.56.
All but one of the 12 TSX subgroups were positive by noon, with health-care popping 6.6%, information technology, better by 2.4%, energy rumbling 2.2%.
Gold remained in the dumps 0.3%.
ON WALLSTREET
U.S. stock rose on Wednesday as investors digested another batch of corporate earnings, and tech shares looked to build on their rebound.
The Dow Jones Industrials sprang up 253.5 points to pause for lunch at 35,716.28.
The S&P 500 hiked 47.13 points, or 1%, to 4,568.67
The NASDAQ leaped 194.53 points, or 1.4%, to 14,388.99.
Tech stocks outperformed in early trading on Wednesday. E-commerce stocks Etsy and Shopify gained more than 2% each. Facebook-parent Meta rose more than 1% after a dramatic decline following last week’s earnings report.
On the earnings front, Chipotle rose more than 9% on the back of its strong earnings, while Lyft gained 3% despite announcing it had fewer active riders than in the prior quarter.
Solar stock Enphase Energy surged 16% after the company beat estimates on the top and bottom lines for the fourth quarter and delivered upbeat guidance. The result appeared to boost other stocks in the burgeoning industry as well, with SolarEdge Technologies jumping 8%.
The NASDAQ has gained more than 7% from its recent low on Jan. 27 after falling into correction territory earlier this year. Still, many Wall Street pros are cautious about the near term outlook for tech stocks amid rising interest rates and elevated market volatility.
Disney, Mattel, MGM Resorts and Uber Technologies will release results after the bell on Wednesday.
Prices for 10-year Treasurys gained ground, lowering yields to 1.93% from Tuesday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices improved seven cents to $89.43 U.S. a barrel.
Gold prices were up six dollars to $1,833.90 U.S. an ounce.