Canadian stocks opened higher on Wednesday, as investors on both sides of the border awaited minutes from the U.S. Federal Reserve's April policy meeting, which could shed light on the likelihood and timing of interest rate rises
The S&P/TSX composite index climbed 58.27 points to begin Wednesday at 14,583.46
The Canadian dollar slumped 0.27 cents to 91.42 cents U.S.
Sears Canada's first-quarter loss more than doubled as sales continued to decline with low demand for spring merchandise. Sears shares subsided 88 cents, or 5.5%, to $15.28.
Rio Alto Mining said it would buy Sulliden Gold Corp Ltd in a deal valued at about $300 million, creating a gold miner focused on Peru. Rio Alto shares dipped 28 cents, or 12.6%, to $1.94.
TransCanada Corp on Tuesday submitted new pipeline tariffs with the U.S. Federal Energy Regulatory Commission to move crude along the Keystone pipeline as far as the Gulf Coast. TransCanada shares took on 60 cents to $51.28.
ON BAYSTREET
The TSX Venture Exchange regained 3.78 points to 973.93.
All but two of the 14 Toronto subgroups were positive in the first hour, led by health-care, up 1.1%, energy, up 0.6%, consumer staples, up 0.5%.
The two laggards were materials, down 0.4%, and gold, off 0.3%.
ON WALLSTREET
The U.S. Federal Reserve is in focus Wednesday as investors wait for the release of the minutes from its April meeting at 2 p.m. ET.
Investors and traders will pore over the notes for any new clues on the direction of monetary policy.
Meantime, stocks appear to have shaken off the cobwebs of a downward Tuesday
The Dow Jones Industrial Average climbed 124.84 points to 16,499.15
The S&P 500 grew positive 10.98 points to 1,883.81, and the NASDAQ composite index regained 26.08 points to 4,122.97
The sector may be able to redeem itself after a slew of retailers, from Staples to Dick's Sporting Goods, posted disappointing quarterly earnings Tuesday that showed Americans were spending less in brick-and-mortar stores.
Target, Tiffany & Co, Lowe's, and American Eagle will report earnings before the opening bell. After the close, investors will hear from the company behind Victoria's Secret, L Brands
Shares in Burberry were edging up after the luxury retailer reported full year results showing revenue increased by 17%.
Fed chairwoman Janet Yellen will be giving a commencement speech to graduates from New York University at Yankee Stadium.
Her address won't necessarily yield anything new, but markets will still be playing close attention.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.54% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions
Oil prices recovered 87 cents to $103.20 U.S. a barrel.
Gold prices slid $6.10 to $1,288.50 U.S. an ounce.
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