Health-Care, Energy Issues Lift TSX

First Quantum, Ensign in Focus

Canada's main stock index rose sharply in a broad-based rally on Wednesday, as oil prices rebounded from one-year lows boosting energy shares, while higher gold prices aided gains in shares of precious metal miners.

The S&P/TSX Composite Index spiked 294.48 points, or 2%, to greet noon at 15,171.48

The Canadian dollar regained 0.21 cents at 75.36 U.S.

Bombardier Inc rose 15 cents, or 7%, to $2.28, the most on the TSX, after the plane maker said it would cut 490 jobs at its Belfast operations.

First Quantum Minerals was the second biggest gainer on the TSX, up 90 cents, or 7.8%, to $12.41.

Ensign Energy Services came out of negative country and actually gained a cent to $5.54, while Alaris Royalty recovered five cents, or 2.3%, to $2.20.

U.S. crude inventories last week fell by 1.5 million barrels, the American Petroleum Institute said on Tuesday, easing concerns for now that a supply glut is building up.

On the economic front, Statistics Canada reported that wholesale trade in this country declined for a second consecutive month, down 0.5% to $63.2 billion in September.

Lower sales were recorded in five of seven sub-sectors, led by the machinery, equipment and supplies and the personal and household goods sub-sectors.

ON BAYSTREET

The TSX Venture Exchange regained 8.21 points, or 1.4%, to 607.72

All 12 subgroups reached higher, with health-care stronger 3.5%, while energy and consumer discretionaries each climbed 2.8%

ON WALLSTREET

Stocks traded higher on Wednesday as major technology shares rebounded from steep losses earlier this week.

The Dow Jones Industrial Average recovered 148.36 points to 24,614, led by gains in Caterpillar.

The S&P 500 recouped 25.06 points to 2,666.95, as the tech sector climbed 1.5%.

The NASDAQ regained 100.55 points, or 1.5%, to 7,009.37

Facebook shares rose more than 3%, while Amazon gained 2.8%. Apple improved 1.2%, and Alphabet climbed 2.1%. Netflix, meanwhile, rose 0.4%.

These tech shares, which make up the popular "FAANG" trade, have been under pressure recently. Through Tuesday's close, they were all down more than 20% from their 52-week highs, officially in a bear market. The sharp decline in tech helped send the Dow, S&P 500 and NASDAQ all down at least 3% for the week.

Foot Locker shares surged 15.6% after the company reported better-than-expected earnings on Tuesday. Its same-store sales, a key metric for retailers, also topped analyst expectations.

In economic data, durable goods orders fell 4.4% in October, more than expected. It also marked the third decline in the past four months. Meanwhile, weekly jobless claims rose to a more than four-month high last week.

Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields to 3.08% from Tuesday’s 3.06%. Treasury prices and yields move in opposite directions

Oil prices ascended $2.02 to $55.45 U.S. a barrel.

Gold prices hiked $6.90 at $1,228.10 U.S. an ounce.