Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The TSX leaped 180.12 points to conclude Wednesday at 19,837.65.
The Canadian dollar added 0.16 cents to 73.71 cents U.S.
Health-care stocks led the pack, with Tilray taking on a dime, or 2.9%, to $3.50, while Bellus Health marched 23 cents, or 2.4%, to $9.90.
In consumer discretionary stocks, Aritzia grabbed $2.86, or 7.3%, to $42.06, while BRP was lifted $2.49, or 2.5%, to $103.07.
Techs performed well also, with Coveo Solutions accumulating 65 cents, or 8.9%, to $7.95, while HUT 8 Mining gathered 19 cents, or 8.7%, to $2.38.
Gold did not see its best day, with OceanaGold trudging backward 13 cents, or 3.8%, to $3.30, while Torex Gold retreated 79 cents, or 3.4%, to $22.15.
In other resource stocks, Silvercrest Metals docked 27 cents, or 2.8%, to $9.35, while Fortuna Silver Mines doffed nine cents, or 1.8%, to $5.00.
Communications lost ground, particularly, Cogeco Communications, falling 77 cents, or 1.2%, to $62.95, while Shaw lost 21 cents to $38.93.
The TSX is on course for a second straight month of losses in March as monetary tightening worries and concerns about a global banking sector meltdown spooked investors.
Still, the bourse is up for the quarter, underpinned by gains from January as equities bounced back from previous year’s losses.
Finance Minister Chrystia Freeland on Tuesday presented a budget in parliament that was aimed at attracting investment in the low-carbon economy and also included a “grocery rebate” for 11 million low-income Canadians.
ON BAYSTREET
The TSX Venture Exchange moved higher 3.02 points to 623.61.
All but three of the 12 TSX subgroups were higher, with health-care hiking 1.9%, while information technology and consumer discretionaries each vaulted 1.2%.
The three laggards were gold, fading 1.1%, while materials lost 0.3% and communications staggered 0.2%.
ON WALLSTREET
Stocks rose broadly Wednesday, as strong gains in tech helped the NASDAQ rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The Dow Jones Industrials leaped 323.35 points, or 1%, to 32,717.60.
The S&P 500 recovered 56.54 points, or 1.4%, to 4,027.81.
The NASDAQ jumped 210.16 points to 11,926.24.
Big Tech shares also rose. Meta and Netflix added more than 2%, and Apple closed nearly 2% higher. Amazon jumped more than 3%.
Micron shares climbed more than 7% after the chipmaker posted its fiscal second-quarter figures, despite the company posting a $1.4 billion inventory write-down. Shares climbed on comments from executives that the inventory issues are improving. Other semiconductor names followed Micron higher. Nvidia climbed 2%, while AMD added 1.6%.
Big banks such as Citigroup and Goldman Sachs gained.
On the economic front, U.S. pending home sales gained 0.8% last month, with sales 21.1% lower than a year earlier. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.
Prices for the 10-year Treasury regained lost strength, raising yields to 3.57% from Tuesday’s 3.56%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 24 cents to $72.96 U.S. a barrel.
Gold prices gave back $8.70 to $1,981.70 U.S. an ounce.