Better vibes in Europe, as Russian and Ukrainian officials were still at the table, worked their way into stock markets worldwide, Canada’s being no exception.
The S&P/TSX Composite Index stayed strong right into the closing bell on Wednesday, ahead 280.99 points, or 1.3%, to 21,468.83.
The Canadian dollar popped 0.52 cents to 78.82 cents U.S.
Tech stocks had the monopoly on gains Wednesday, with Shopify sprinting $81.76, or 11.6%, to $788.77, while Docebo improved $4.81, or 9.1%, to $57.92.
Health-care stocks also flexed their muscles, as Cronos Group surged 27 cents, or 6.8%, to $4.22, while Canopy Growth moved up 60 cents cents, or 8%, to $4.22.
Among consumer discretionary stocks, Linamar bounced $4.44, or 8.3%, to $57.91, while Canadian Tire acquired $4.78, or 2.6%, to $186.93.
Gold stocks faded, however, as Barrick Gold gave up 39 cents, or 1.3%, to $29.98, while Yamana Gold dipped a dime, or 1.5%, to $6.79.
Endeavour Silver was badly bruised, skidding 72 cents, or 10.5%, to $6.13, while Nutrien plummeted $5.33, or 4.2%, to $119.10.
Economically speaking, Statistics Canada said wholesale trade grew 4.2% in January to $79.8 billion.
This increase marked the sixth consecutive month of growth for the sector and was driven by strong sales in three subsectors: building material and supplies, personal and household goods, and machinery, equipment and supplies.
The consumer price index rose 5.7% on a year-over-year basis in February, up from a 5.1% gain in January. On a seasonally adjusted monthly basis, the CPI rose 0.6% in February.
ON BAYSTREET
The TSX Venture Exchange popped 11.38 points, or 1.4%, to 829.71.
All but three of the 12 TSX subgroups were positive by the close, as information technology rocketed 6%, health-care took on 4.7%, and consumer discretionary stocks leaped 1.4%.
The two laggards were gold, down 1.2%, and materials, off 0.8%. Communications were unchanged on the day.
ON WALLSTREET
Stocks rallied in a wild session after the Federal Reserve raised rates and said it would hike another six times this year.
The Dow Jones Industrials leaped 518.76 points, or 1.6%, to conclude the session Wednesday at 34,063.10.
The S&P 500 index continued its upward trajectory, hiking 95.41 points, or 2.2%, to 4,357.86.
The NASDAQ Composite spiked 487.93 points, or 3.8%, to 13,436.55.
The Fed announced at the conclusion of its two-day meeting Wednesday that it will increase short-term interest rates by a quarter of a percentage point, a well-telegraphed move by the central bank as it seeks to control surging inflation.
But it was the central bank’s outlook that surprised traders somewhat and knocked the market down initially.
The Fed forecast a consensus funds rate of 1.9% by year’s end, which would mean a hike at each of the remaining central bank meetings this year.
Bank shares gained on optimism their bottom lines would get a boost from higher rates. JPMorgan shares added 4.4%, while Bank of America added 3.1%.
Micron Technology was among the best-performing S&P 500 stocks, gaining more than 8.9%. Starbucks shares climbed 5.1% after an upgrade from JPMorgan, while Dow member Boeing advanced 5%.
Stocks started the day in the green following a Financial Times report that Ukraine and Russia have made “significant progress” on a peace plan and Russian withdrawal.
Before the FT report, stocks were gaining on hopes that some sort of ceasefire was close. Ukrainian President Volodymyr Zelenskyy said a peace agreement was beginning to “sound more realistic” in an address to the nation Tuesday.
Russian Foreign Minister Sergey Lavrov told the BBC there was “some hope of reaching a compromise.” Russian State media quoting the Kremlin echoed similar sentiments overnight.
In economic data, consumers continued to spend in February through at a slower pace than expected, according to a Commerce Department report Wednesday. Advance retail sales grew 0.3% for the month, slightly below the 0.4% Dow Jones estimate.
Treasury prices dipped slightly, raising yields to 2.18% from Tuesday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices moved lower $1.43 to $95.01 U.S. a barrel.
Gold prices lost $1.60 to $1,928.10 U.S. an ounce.