Stocks across North America made big progress Wednesday, as Canadian health-care and energy firms made huge strides
The S&P/TSX Composite vaulted 154.44 points to close Wednesday at 18,484.53.
The Canadian dollar leaped 0.55 cents to 79.96 cents U.S.
Health-care led the proceedings, with Aphria up $2.49, or 11%, to $25.19, while Sienna Senior Living better by 56 cents, or 4.2%, to $14.04.
Among energy concerns, Vermilion Energy shot up 83 cents, or 10.9% to $8.47, while MEG Energy gushed 37 cents, or 5.6%, to $6.99.
In the financial world, Sprott Inc. progressed $3.04, or 7.2%, to $45.56, while Laurentian Bank sprinted $1.62, or 4.9%, to $34.95.
Utilities got roughed up, however, with Northland Power dumping $1.69, or 3.8%, to $43.26, and Brookfield Renewable Partners swooned $1.67, or 3%, to $53.47.
In consumer staples, Empire Company peeled off $1.19, or 3.3%, to $34.70, while Primo Water Corporation lost 45 cents, or 2.3%, to $19.15.
Communications suffered as well, as TELUS slipped 33 cents, or 1.3%, to $25.45, while Quebecor docked 25 cents to $31.92.
ON BAYSTREET
The TSX Venture Exchange rocketed 20.83 points, or 1.8%, to finish Wednesday at 1,060.43.
All but three of the 12 TSX subgroups triumphed on the day, with health-care up 2.2%, energy, bustling 2.1%, and financials prospering 1.6%.
The three laggards were utilities, down 1.1%, consumer staples, trailing 0.8%, and communications off 0.5%.
ON WALLSTREET
The stock market stateside staged another big intraday comeback on Wednesday as investors continued to pile into names sensitive to an economic comeback, while looking past the risk of inflation and rising interest rates.
The Dow Jones Industrials hiked 424.56 points, or 1.4%, to end Wednesday at 31,961.86, powered by strong performance in energy, industrials and financials. Boeing jumped 8.1%, while Chevron climbed 3.7%. Goldman Sachs and Visa both rose more than 3%.
The S&P 500 recovered 44.06 points to 3,925.43.
The NASDAQ Composite jumped 132.77 points, or 1%, to 13,597.97. Apple, Amazon and Facebook closed in the red but well off their lowest levels.
Tesla shares were 6.2% higher after Ark Invest’s Cathie Wood bought a ton more of her biggest holding during Tuesday’s selling. Wood bought more than $120 million worth of Tesla shares for the flagship Ark Innovation ETF, according to the firm’s website.
On Wednesday, the Food and Drug Administration’s staff endorsed Johnson & Johnson’s single-shot COVID-19 vaccine for emergency use, bringing in a third vaccine to the U.S.
Bitcoin, which some view as a barometer of speculation in financial markets, rebounded back above $50,000 after more buying of the cryptocurrency from Square.
Yields came off their highs after Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation, saying it could take three years to reach the central bank’s target consistently.
In Wednesday’s testimony in front of the House of Representatives Financial Services Committee, Powell added that inflation could be volatile as the economy reopens and there is increased demand. But he does not expect inflation to run hot and said the central bank has the tools to fight it if it should.
Prices for 10-Year Treasurys lost a little ground, raising yields to 1.38% from Tuesday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.79 to $63.46 U.S. a barrel.
Gold prices slid $3.20 to $1,802.60
