Equity markets opened ?higher on Wednesday with broad-based gains after U.S. President Donald Trump said he would extend the Iran ceasefire indefinitely, even as reports of ?gunfire attacks on container ships in the Strait ?of Hormuz kept investors cautious.
The TSX Composite Index marched ahead 243.09 points to kick off Wednesday at 34,051.39
The Canadian dollar inched up 0.04 cents at 73.25 cents U.S.
ON BAYSTREET
The TSX Venture Exchange recovered 29.3 points, or 2.9%, to 1,051.91.
All but one of the 12 TSX subgroups were higher, as telecoms soared 2.3%, materials were boosted 2.2%, and gold jumped 2.1.
Only consumer staples missed the party, dropping 0.8%.
ON WALLSTREET
Stocks rose on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran, while upbeat earnings reports also lifted sentiment.
The Dow Jones Industrial Average rebounded 422.76 points to 49,572.14.
The S&P 500 index climbed 63.40 points to 7,127.05.
The NASDAQ hiked 283.36 points, or 1.2%, to 24,543.33.
Shortly after Tuesday’s close, Trump extended a two-week U.S. ceasefire, saying it was warranted due to Tehran’s “seriously fractured” government.
But the timeline remains dicey, after a lack of commitment from Tehran reportedly resulted in a pause in Vice President JD Vance’s trip to join peace talks. Iranian state media also reported that negotiators from Tehran said they wouldn’t appear as talks with the U.S. were a “waste of time.”
Even after Trump extended the ceasefire, Iran’s navy said Wednesday that it had seized two container ships in the Strait of Hormuz as tensions persist in the key waterway.
Aside from the ceasefire announcement, sentiment has been supported by a strong start to earnings season.
On Wednesday, Boeing shares rose more than 4% after the company reported a smaller-than-expected loss for the first quarter. GE Vernova shares jumped 10% after the company’s first-quarter revenue topped expectations.
The two are among the more than 80% of S&P 500 companies that have reported so far that have surpassed expectations.
AT&T shares were up 84 cents, or 3.3%, to $25.04, after the company posted first-quarter results that beat analyst expectations.
The telecom giant earned an adjusted 57 cents per share on revenue of $31.5 billion. Analysts polled by LSEG expected a profit of 55 cents per share on revenue of $31.25 billion.
Prices for the 10-year Treasury hiked, lowering yields to 4.27% from Tuesday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.77 to $91.44 U.S. a barrel.
Gold prices perked $45.60 to $4,765.20 U.S. an ounce.
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