Stocks in Toronto shook off days of negative trending and rumbled higher Wednesday, as energy and real-estate concerns flexed their muscles.
The TSX Composite popped 264.21 points, or 1.4%, to conclude Wednesday at 19,571.16.
The Canadian dollar subsided 0.02 cents at 73.50 cents U.S.
In energy stocks, Advantage Oil & Gas rumbled 61 cents, or 6.6%, or $9.87, while Paramount Resources leaped $!.66, or 6.4%, to $27.53.
In real-estate, FirstService hiked $6.59, or 4.1%, to $169.18, while Altus Group climbed $1.99, or 3.9%, to $52.71.
Among health-care winners, Tilray took on 11 cents, or 2.9%, to $3.96, while Chartwell Retirement Residences acquired 16 cents, or 2%, to $8.02.
On the economic calendar, Statistics Canada’s consumer price index rose 6.8% on a year-over-year basis in November, following a 6.9% increase in October.
ON BAYSTREET
The TSX Venture Exchange pointed upward 8.31 points, or 1.5%, to 570.76.
All 12 subgroups were winners Wednesday, with energy chugging 2.6%, real-estate up 2.1%, and health-care haler 1.9%.
ON WALLSTREET
Stocks jumped Wednesday, rising for a second day, after upbeat earnings reports from two bellwethers raised hopes that corporate earnings may be better than feared even with a potential recession.
The Dow Jones Industrials spiked 526.74 points, or 1.6%, to wrap up Wednesday at 33,376.48
The S&P 500 picked up 56.82 points, or 1.5% at 3,878.44.
The NASDAQ Composite Index leaped 162.26 points, or 1.5%, to 10,709.37.
Nike surged 12% after beating Wall Street’s expectations for quarterly earnings and revenue. The results lifted other retail stocks. The sports apparel maker also showed progress in its attempt to clear through inventory, posting a decline over the previous quarter.
Meanwhile, FedEx gained 3.4% after reporting earnings per share that beat estimates. The company also shared a slew of cost-cutting plans.
Earnings season continues before the Christmas holiday, with Micron reporting after the bell.
Better-than-expected consumer confidence data for December, which jumped to the highest level since April, also boosted investor sentiment.
With the end of 2022 in sight, all three major averages are on pace to snap a three-year win streak and post their worst year since 2008.
The Dow’s down 8.2% for the year and 3.5% this month, while the S&P’s shed 18.6% this month and 4.9%. The NASDAQ’s plummeted 31.6% in 2022 and 6.6% in December.
Prices for the 10-year Treasury poked higher, lowering yields to 3.67% from Tuesday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices moved up $2.23 to $78.46 U.S. a barrel.
Gold prices slid $1.20 to $1,824.20 U.S. an ounce.
