TSX Gets Strength Back

Whitecap, Crescent Point in Focus

(CORRECTION: FIXES DIRECTION OF TSX)

Stocks in Toronto came off their highs of the day, but still enjoyed substantial gains Wednesday, as energy and industrial stocks ruled the roost.

The S&P/TSX Composite Index gained 78.27 points, to end Wednesday at 16,675.28

The Canadian dollar gained 0.33 cents to 75.46 cents U.S.

Energy stocks triumphed, as Whitecap Resources gushed 17 cents, or 6.4%, to $2.83, while Crescent Point Energy eked ahead 15 cents, or 5.9%, to $2.69.

Among industrials, ATS Automation Tooling Systems solidified $2.42, or 1.3%, to $20.72, while Boyd Group leaped $15.03, or 7.5%, to $215.03.

In the financial hub, ECN Capital climbed 21 cents, or 4.1%, to $5.10, while TD tacked on 75 cents, or 1.2%, to $63.95.

Real-estate stocks took a step backward, as Altus Group dipped 87 cents, or 2.1%, to $41.65, while H&R REIT handed over 12 cents, or 1.1%, to $10.58.

Consumer staples fell, as Alimentation Couche-Tard lost 82 cents, or 1.8%, to $45.28, while Empire Company retreated 32 cents to $34.82.

Information technology swooned, with Docebo down $2.77, or 5.3%, to $49.90, while Lightspeed POS dropped 69 cents, or 1.8%, to $38.81.

ON BAYSTREET

The TSX Venture Exchange recovered 8.26 points, or 1.2%, to finish Wednesday at 725.71.

Eight of the 12 TSX subgroups remained in the green on the day, as energy powered ahead 1.9%, industrials were better by 1.2%, and financials were richer by 0.5%.

The three laggards were real-estate and consumer staples, each fading 0.3%, and information technology, sliding 0.2%. Gold stocks were unchanged on the session.

ON WALLSTREET

Stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time high set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.

The Dow Jones Industrials soared 289.93 points, or 1.1%, to 27,976.84.

The S&P 500 heightened 46.66 points, or 1.4%, to 3,380.35, its biggest one-day jump since July 6.

The NASDAQ resumed its climb, 215.62 points, or 2%, to greet the closing the bell at 11,012.24.

Facebook, Amazon and Netflix were all up at least 1.5% while Alphabet advanced 1.8%. Microsoft and Apple gained more than 2.8% each.

Stocks that would benefit from the economy reopening lagged, however. Cruise operator Carnival dropped 4%. JPMorgan Chase, Bank of America and Citigroup were all lower.

Sentiment was lifted in part by President Donald Trump saying late Tuesday that the U.S. government will purchase 100 million doses of Moderna’s experimental coronavirus vaccine, which is currently in late-stage human trials. Moderna shares came off their highs, but were still positive 0.7%.

On matters macroeconomic, the U.S. Labor Department released key data on Wednesday that showed core consumer prices rose at a much faster-than-expected rate last month. Core CPI jumped 0.6% in July, while economists expected a gain of 0.2%.

Prices for the 10-Year Treasury slipped, raising yields to 0.67% from Tuesday’s 0.65%. Treasury prices and yields move in opposite directions

Oil prices jumped 96 cents to $42.57 U.S. a barrel.

Gold prices slumped $19.50 to $1,949.80 U.S. an ounce.