Stocks in Canada built on their strength Wednesday, climbing on the shoulders of industrial and financial stocks.
The S&P/TSX Composite Index came off its highs of the day, but surpassed Tuesday’s close by 84.57 points to end Wednesday at 15,524.01
The Canadian dollar dropped 0.25 cents to 78.81 cents U.S.
Industrials ruled the day, as RBC raised the target price on Western Forest Products to $3.00 from $2.50. Western shares gained four cents, or 1.3%, to $2.82. Conifex Timber prospered 38 cents, or 6.1%, to $6.62.
Wealthsimple, a Toronto-based online wealth management startup, has raised $51 million in funding from Power Financial Corp., as it seeks to compete in the increasingly crowded digital investment advice market.
On the day, Power Financial gained 46 cents, or 1.4%, to $33.44
Canadian Imperial Bank of Commerce picked up $1.64, or 1.4%, to $116.49.
Among telecoms, BCE gained 31 cents to $56.11, while Rogers Communications advanced 58 cents, or 1%, to $58.26.
Tech stocks got nailed Wednesday, as Constellation Software was bruised $13.36, or 1.6%, to $826.64, while Intrinsyc Technologies lost three cents, or 2.4%, to $1.22.
Health-care got the worst of it today, too, as Canopy Growth slid 86 cents, or 2.9%, to $28.74, while Neovasc lost half a cent, or 1.5%, to 33 cents.
ON BAYSTREET
The TSX Venture Exchange lost 4.75 points Wednesday to 820.07
The 12 TSX subgroups were split right down the middle, as industrials chugged along 1.6%, financials prospered 1.5%, and telecoms beamed higher 1.3%.
The half-dozen laggards were weighed most by information technology, down 1.3%, health-care, ailing 1.2%, and consumer staples, 0.7% to the bad.
ON WALLSTREET
Stocks closed lower on Wednesday, erasing sharp gains, after interest rates reached fresh multiyear highs following the release of the latest Federal Reserve minutes.
The Dow Jones Industrials gave up earlier gains and plunged 166.97 points to finish at 24,797.78, after rising 303.24 points earlier in the session
The S&P 500 lost 14.93 points to 2,701.33, with real estate sliding nearly 2%.
The NASDAQ dropped 16.08 points to 7,218.23
The minutes showed the Fed sees increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually. The central bank said it believes inflation can reach its 2% target, but does not think inflation is getting out of hand.
In corporate news, Advance Auto Parts was the best-performing stock in the S&P 500, rising more than 8% after reporting better-than-expected earnings. The company said it is pleased with its performance given what it calls a difficult sales environment.
In data news, the flash U.S. composite purchasing managers' index rose to its highest level in more than two year, reaching 55.9, according to IHS Markit. Meanwhile, existing home sales fell for a second straight month in January.
Prices for the benchmark 10-year Treasury note were lower, raising yields to 2.95% from Tuesday’s 2.89%. Treasury prices and yields move in opposite directions.
Oil prices retreated 66 cents a barrel to $61.13 U.S.
Gold prices slid $4.70 to $1,326.50 U.S. an ounce.
