Stocks triumphed Wednesday in Canada’s biggest market, mostly the result of a recovery by energy and gold stocks.
The S&P/TSX Composite Index gained 64.01 points to close Wednesday 15,633.21
The Canadian dollar was up 0.29 to 73.25 cents U.S.
Energy proved the engine of this progress, with Cenovus Energy climbed 45 cents, or 3.1%, to $13.50, while Encana Corporation jumped 45 cents, or 3%, to $15.49
Gold stocks shone brighter, most notably IAMGOLD, which moved skyward 43 cents, or 8.4%, to $5.55, while Kinross Gold improved 21 cents, or 4.1%, to $5.35.
In the materials sector, Agnico Eagle Mines gained 37 cents to $63.85.
Real-estate concerns did not fare so well, as Brookfield Asset Management ditched 16 cents to $51.00.
ON BAYSTREET
The TSX Venture Exchange hiked 9.1 points, or 1.2%, to 783.24
All but three of the 12 TSX subgroups were positive on the day, with energy gushing 2.1%, gold up 1.4%, and materials soaring 0.9%.
The three laggards were real-estate, down 0.4%, telecoms, sliding 0.2%, and consumer staples, inching back 0.02%.
ON WALLSTREET
Equities closed mixed Wednesday as investors digested President Donald Trump's firing of FBI Director James Comey.
The Dow Jones Industrials Average dropped 32.67 points to 20.943.11, with Disney and Boeing contributing the most losses.
The media giant's stock was on track for its biggest one-day decline since June after reporting weaker-than-expected quarterly sales.
Boeing, meanwhile, tumbled to session lows after the firm said it is temporarily suspending 737 Max flights.
The S&P 500 inched forward 2.71 points to 2,399.63, with energy rising more than 1% to lead advancers. The sector popped after the
U.S. Energy Information Administration reported a larger-than-expected drawdown in crude barrels.
The NASDAQ gained 8.56 points to 6,129.14, to notch a record close and a five-day winning streak.
Other companies reporting earnings today included Crocs Inc., magicJack and Pegasystems Inc.
According to experts, 75% of the S&P 500 components that had reported as of Friday had topped bottom-line expectations, while 66% had beaten sales estimates. In all, 83% of S&P 500 companies had reported as of Friday.
In economic news, mortgage applications rose 2.4% on a seasonally adjusted basis last week. Import prices rose 0.5%, more than expected.
The reaction to Comey's firing in the market was largely muted because a large number of investors still believe the market will get tax reform at some point.
Comey's firing came at a time when Republicans were seemingly getting ready to move forward on tax reform as they got the ball rolling on health-care reform.
Prices for the benchmark 10-year Treasury note sank, raising yields to 2.41% from Tuesday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.49 at $47.37 U.S. a barrel
Gold prices grew $3.30 at $1,219.40 U.S. an ounce.
