Stocks Perk on Stimulus Package

TD, Suncor in Focus

Canada's main stock index rose at the opening bell on Wednesday, as the House of Commons agreed to approve a $27-billion stimulus bill to help people and businesses deal with the coronavirus pandemic.

The TSX Composite Index gained 153.09 points, or 1.2%, to open Wednesday at 12,724.17

The Canadian dollar regained 0.45 cents at 69.70 cents U.S.

CIBC raised the target price on Emera to $55.00 from $47.00. Emera shares acquired 40 cents to $46.36.

RBC cut target price on Suncor Energy to $27.00 from $31.00. Suncor shares gained seven cents to $17.49.

National Bank of Canada cut the target price Toronto-Dominion Bank to $62.00 from $80.00. TD shares moved forward 80 cents, or 1.4%, to $56.69.

ON BAYSTREET

The TSX Venture Exchange gained 5.86 points, or 1.5%, to 386.61.

Seven of the 12 TSX subgroups gained in the first hour of trade, with real-estate springing 4.1%, financials richer by 2.9%, and consumer discretionary stocks up 2.6%.

Of the five laggards, materials sank 1.6%, gold fell 1.3%, and health-care, down 0.7%.

ON WALLSTREET

Stocks pulled back slightly following a historic historic rally in the previous session in anticipation of a coronavirus stimulus deal by Congress. The White House and Senate reached an agreement overnight.

The Dow Jones Industrials dipped 14.02 points, or 11.4%, to 20,704.91, a day after the big board notched its sharpest one-day percentage gain since 1933, and steepest point rise ever. The 30-stock index was boosted by gains from Boeing, airborne 18%, and Nike, up 9.5%.

The broader S&P 500 dropped 27.43 points, or 1.1%, to 2,419.90,

The NASDAQ dropped 98.16 points, or 1.3%, to 7,319.70
White House and Senate leaders agreed to a massive $2-trillion coronavirus stimulus bill in the middle of the night.
Prices for the 10-Year U.S. Treasury gained, lowering yields to 0.81% from Tuesday’s 0.84%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 63 cents to $23.38 U.S. a barrel.

Gold prices slumped $20.60 to $1,640.20 U.S. an ounce.