Canada's main stock index opened higher on Wednesday as data showed a sharp jump in May factory sales
The S&P/TSX Composite Index surged 124.74 points to open Wednesday at 16,033.19.
The Canadian dollar inched ahead 0.12 cents at 73.65 cents U.S.
CIBC raised the target price on Hudbay Minerals to $5.00 from $3.50. Hudbay shares doffed nine cents, or 2%, to $4.44.
CIBC raises target price on Ivanhoe Mines to $4.50 from $2.80. Ivanhoe shares dipped half a cent to $4.085.
On the economic docket, Statistics Canada reported manufacturing sales increased 10.7% to $40.2 billion in May following a record 27.9% decline in April, as many manufacturers resumed operations following full or partial shutdowns related to COVID-19 during the previous month.
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.25%.
The Canadian Real Estate Association reported national home sales rose 63% on a month-over-month basis in June. Actual (not seasonally adjusted) activity was up 15.2% year-over-year.
ON BAYSTREET
The TSX Venture Exchange regained 6.92 points, or 1%, to start the mid-week session at 669.47.
All but two of the 12 TSX subgroups were higher in the first hour, led by health-care, mightier by 2.5%, consumer discretionary shares, up 2.3%, and real-estate, better by 1.8%.
Gold sagged 1.1%, and materials fell 0.7%.
ON WALLSTREET
Stocks jumped Wednesday on the back of positive vaccine news from Moderna and a blowout quarter from Goldman Sachs.
The Dow Jones Industrials hurtled higher 304.77 points, or 1.1%, to 26,947.36.
The S&P 500 gained 33.22 points, or 1%, to 3,230.94.
The NASDAQ hiked 94.59 points to 10,583.17.
Moderna said its coronavirus vaccine produced a "robust" immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine.
Shares of Moderna surged 10%. Stocks directly tied to an economic reopening jumped following the vaccine news. American Airlines, United Airlines, Royal Caribbean Cruise Lines all popped more than 5%.
Several states, including California, have had to roll back reopening measures as coronavirus cases continue to rise. Confirmed cases in the U.S. total more than 3.4 million and deaths have surpassed 136,000, according to Johns Hopkins University.
Earnings season continued after Goldman Sachs reported quarterly numbers that easily beat analyst expectations. The company’s results were driven by a 93% surge in trading revenue. Goldman shares rallied more than 3%.
Bank earnings had been mixed leading up to Wednesday. JPMorgan Chase reported on Tuesday better-than-expected quarterly results on the back of a massive surge in trading revenue. Meanwhile, Wells Fargo suffered a $2.4-billion loss and slashed its dividend to 10 cents per share.
Apple contributed to the gains Wednesday, rising 1.6% after a European Union court annulled a 2016 European Commission order for the tech giant to pay $15 billion in taxes.
Prices for the 10-Year Treasury were unchanged, keeping yields at Tuesday’s 0.63%.
Oil prices shed seven cents to $40.22 U.S. a barrel.
Gold prices shed $3.50 to $1,809.90 U.S. an ounce.
