TSX Just in Green - InvestingChannel

TSX Just in Green

Stocks in Toronto finished comfortably higher Wednesday, far from the spectacular climbs of the previous days, mostly on the backs of techs and health-care

The TSX was 40.61 points to the good to close Wednesday at 19,545.96.

The Canadian dollar advanced 0.29 cents to 77.88 cents U.S.

Techs showed the way Wednesday, with Shopify screaming higher $5.27, or 10.8%, to $53.87, and Lightspeed Commerce ahead $2.35, or 8.1%, to $31.43.

Among health concerns, Bausch Health Companies rocketed 78 cents, or 13.3%, top $6.66, while Cronos Group took on 16 cents, or 3.8%, to $4.42.

In financials, goeasy Ltd. jumped $5.98, or 5.2%, to $120.67, while Definity Financial soared $1.66, or 4.6%, to $37.54

On the other side of the coin, Paramount Resources weighed the heaviest on the energy group that lost the most, plunging $2.53, or 8.4%, to $27.89, while Tamarack Valley Energy docked 26 cents, or 6.1%, to $3.99.

In gold, New Gold dipped seven cents, or 6.6%, to 99 cents, while Kinross Gold shed 14 cents, or 3.2%, to $4.27.

In materials, Ero Copper sank 86 cents, or 7.3%, to $10.89, while K92 Mining fell 46 cents, or 5.8%, to $7.49.

ON BAYSTREET

The TSX Venture Exchange squeezed higher 0.44 points to 655.20.

The 12 TSX subgroups evenly split on the day with information technology rushing 4.5% upward, health-care better by 2.6%, and financials improving 1.3%.

The six laggards were weighed most by energy, sliding 3.9%, gold down 1.9%, and materials off 1.5%.

ON WALLSTREET

U.S. stocks rallied Wednesday, clawing back losses from earlier in the week, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.

The Dow Jones Industrials popped 416.33 points, or 1.3%, to 32,812.50

The S&P 500 hiked 63.98 points or 1.6%, to 4,155.17, hitting its highest level since June and wiping out losses from earlier in the week.

The NASDAQ Composite surged 319.40 points, or 2.6%, to 12,668.16.

Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told reporters Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.

Traders shook off anxiety that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip.

Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.

A surprise rebound in July services PMI helped investors shake off worries that the U.S. has already fallen into a recession, sending traders back to beaten-down tech stocks. The index released Wednesday ended three months of declines. Data on durable goods orders and manufacturing in June were also better than expected.

Treasury prices jumped Wednesday, lowering yields to 2.71%, from Tuesday’s 2.75%. Treasury prices and yields move in opposite directions.

Oil prices sank $3.62 to $90.80 U.S. a barrel.

Gold prices floundered $7.60 to $1,782.10 U.S. an ounce.

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