Equities in Toronto maintained a positive trend Wednesday, powered by consumer and health-care stocks.
The TSX gained 85.76 points to close Wednesday at 19,818.85.
The Canadian dollar collapsed 0.31 cents to 75.44 cents U.S.
Consumer staples showed the way, with Alimentation Couche-Tard soaring $2.79, or 4.3%, to $68.14, while Maple Leaf Foods chugged higher 37 cents, or 1.5%, to $25.43.
In tech stocks, HUT 8 Mining took on 16 cents, or 4.1%, to $4.04, while Lightspeed Commerce popped 84 cents, or 4.1%. to $21.39.
In health-care issues, Bausch Health Companies progressed 29 cents, or 3%, to $10.02, while Chartwell Retirement Residences took on 18 cents, or 2%, to $9.38.
Gold and materials stocks were pounded, as Seabridge Gold handed back 42 cents, or 2.7%, to $15.18, while NovaGold stumbled 73 cents, or 12.2%, to $5.25. Lithium Americas floundered $1.12, or 4.2%, to $25.73, while K92 Mining demurred 21 cents, or 3.5%., to $5.78.
In utilities, Innergex Energy waned 17 cents, or 1.4%, to $12.46, while ATCO Ltd. lost 37 cents to $38.94.
ON BAYSTREET
The TSX Venture Exchange gained 3.98 points to 611.89.
Eight of the 12 TSX subgroups were pointed upward, with consumer staples screaming higher 1.7%, while information technology and health-care each improved 1.4%.
The four laggards were weighed most by gold, down 0.9%, while materials and utilities each dropped 0.1%.
ON WALLSTREET
The S&P 500 was little changed Wednesday as traders digested the latest commentary on the pace of future monetary policy from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrials dipped 74.08 points to close out Wednesday at 33,852.66.
The S&P 500 handed back 1.55 points to 4,376.86.
The NASDAQ index gained 36.08 points to 13,591.75.
Powell on Wednesday said there is more restriction coming, including the likelihood of more interest rate hikes at future meetings.
Chip stocks fell after The Wall Street Journal reported that the U.S. was considering new export restrictions to China. Artificial intelligence beneficiary Nvidia dropped by more than 1%. Still, the NASDAQ Composite bucked the trend, and closed higher for a second day. Google-parent Alphabet rose more than 1%, while Tesla jumped more than 2%. Netflix shares gained more than 3%.
Investors are preparing to close out the best first half for the NASDAQ in 40 years, as they ride a wave of optimism around artificial intelligence that has significantly buoyed a handful of mega-cap tech stocks. The S&P 500 is higher on the year 14% and NASDAQ Composite has galloped 30%.
Powell on Wednesday said more restrictive policy is still to come as the Fed continues to fight inflation, including the likelihood of interest rate hikes at consecutive meetings. Powell spoke before a panel with Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde and Bank of Japan Governor Kazuo Ueda at the European Central Bank Forum on Central Banking in Sintra, Portugal.
Prices for the 10-year Treasury enjoyed slight gains, lowering yields to 3.71% from Tuesday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.53 to $69.23 U.S. a barrel.
Gold prices surrendered $5.20 to $1,918.60 U.S. an ounce.