Canada's main stock index opened higher on Wednesday, buoyed by gains in gold mining stocks, while growing confidence in an imminent interest rate cut from the U.S. Federal Reserve continued to fuel positive investor sentiment.
The TSX prospered 193.27 points, to begin Wednesday at 31,093.92.
The Canadian dollar poked ahead 0.11 cents to 71.02 cents U.S.
In corporate updates, at least three brokerages raised target price on Alimentation Couche-Tard following the convenience store operator's second-quarter profit beat.
Couche-Tard stock jumped $1.08 in the first hour to $75.49.
ON BAYSTREET
The TSX Venture Exchange gained 4.66 points, to begin Wednesday at 896.92.
All but one of the 12 TSX subgroups enjoyed gains, led by gold, up 2.2%, materials, ahead 1.9%, and energy, up 0.6%.
Only utilities failed to break even, losing 0.02%.
ON WALLSTREET
Stocks rose on Wednesday, putting the major averages on pace for their fourth straight day of gains ahead of the Thanksgiving holiday.
The 30-stock index jumped 194.48 points to 47,306.93.
The S&P 500 index hiked 26.38 points to 6,792.26.
The NASDAQ sprang 78.78 points to 23,106.78.
Nvidia shares moved up 1%, recovering from a recent pullback. Fellow “Magnificent Seven” member Microsoft also traded 1% higher.
Stocks are coming off a winning session despite volatile trading. The 30-stock Dow gained more than 660 points and logged a third consecutive positive day.
Several tech stocks also climbed higher to lift the broader market. Alphabet hit fresh record highs on a report that Meta Platforms is considering using the Google parent’s TPU chips in 2027. Chipmaker Nvidia shed more than 2.5%, meanwhile.
Treasury Secretary Scott Bessent told reporters Tuesday that there’s a “very good chance” that Trump will “make an announcement before Christmas” on who will be the next Fed chair.
While he said he was interviewing candidates, expectations are shifting toward White House National Economic Council Director Kevin Hassett, after Bloomberg reported he had emerged as a frontrunner for the job. Hassett is viewed as someone more likely to push for lower rates.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Prices for the 10-year Treasury sank, raising yields to 4.03% from Tuesday’s 4%. Treasury prices and yields move in opposite directions.
Oil prices slid 70 cents to $57.93 U.S. a barrel.
Gold prices nosed up $1.10 to $4,141.10 U.S. an ounce.
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