Stocks Surge in Toronto - InvestingChannel

Stocks Surge in Toronto

Canada’s main stock index climbed on Wednesday, boosted by materials and financial stocks, while investors awaited more clues on the interest rate cut trajectory of the Federal Reserve for the year.

The TSX Composite zoomed 91.46 points Wednesday noon hour to 22,166.56.

The Canadian dollar piled on 0.26 cents at 73.98 cents U.S.

Wood products firm West Fraser Timber and Mercer announced the dissolution of Caribo Pulp and Paper joint venture, with West Fraser to continue as sole owner/operator of the mill. West Fraser shares stumbled $1.54, or 1.3%, to $113.71.

Shares of WSP Global fell $13.44, or 6.1%, to $207.00 after short-seller Spruce Point Capital Management shorted the company.

Lightspeed Commerce shares gained a dollar, or 5.3%, to $19.86, after the payments company announced 2,800 job cuts, looking to turn profitable.

ON BAYSTREET

The TSX Venture Exchange galloped 9.84 points, or 1.7%, mid-Wednesday at 580.36. On the week, the index has rocketed nearly 17 points, or 3%.

All but two of the 12 TSX subgroups moved ahead, with health-care better by 1.2%, while materials and energy each strengthened 1%

The lone laggards were consumer discretionary stocks, down 0.8%, while utilities eased 0.3%.

ON WALLSTREET

Equities south of the border moved higher Wednesday, trying to shake off the negative vibe with which they’d been affected since the Easter long weekend.

The Dow Jones Industrials regained 92.05 points to 39,262.29.

The S&P 500 hiked 21.42 points to 5,227.23.

The NASDAQ recovered 94.1 points to 16,334.55.

Artificial intelligence darling Nvidia swung into the green in Wednesday morning trading, helping broader market sentiment. Fellow mega-cap technology stocks Netflix and Meta climbed more than 1% each.

But higher rates still weighed on the market as they have since the second quarter began this week. ADP data released Wednesday showing private payrolls grew more than expected in March, offering another sign of resiliency in the economy as investors grow increasingly concerned about the path of interest rate cuts from the Federal Reserve.

Prices for the 10-year Treasury faded, hiking yields to 4.39% from Tuesday’s 4.38%. Treasury prices and yields move in opposite directions.

Oil prices advanced 74 cents at $85.89 U.S. a barrel.

Gold prices spiked $22.40 to $2,304.20 U.S. an ounce.

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