Stock markets in Toronto advanced on Wednesday as positive U.S. economic data and firmer oil prices helped drive gains in most major sectors.
The S&P/TSX composite index gained 70.03 points to greet noon at 14,316.80
The Canadian dollar dropped 0.14 cents to 84.35 cents U.S.
The price of oil was volatile on Wednesday and energy shares were higher.
Suncor Energy led the sector higher, adding 0.8% to $35.50. Canadian Natural Resources was up 0.7% at $33.05
Financials rose, with Royal Bank of Canada gaining 0.6% to $78.78 and Bank of Nova Scotia climbing 0.2% to $63.61.
Real estate issues led the pack, though, with Granite Real Estate Investment Trust units vaulting $2.09, or 4.8%, to $45.52.
On the economic beat, Statistics Canada reported this morning that our exports declined 3.5% in November and imports were down 2.7%. As a result, Canada's merchandise trade deficit with the world widened from $327 million in October to $644 million in November.
ON BAYSTREET
The TSX Venture Exchange slipped 1.45 points to 684.15
All but four of the 14 Toronto subgroups were higher by noon, most notably real-estate, up 1.5%, consumer discretionaries, ahead 1.2%, and global base metals, gaining 0.9%.
The four laggards were weighed mostly by metals and mining, down 0.8%, gold, off 0.5%, and information technology, sliding 0.2%.
ON WALLSTREET
U.S. stocks jumped on Wednesday, with the S&P 500 rebounding from a five-session dive, after positive data on the labour market and as investors bet minutes from the Federal Reserve would signal ongoing stimulus.
The Dow Jones Industrials remained positive 196.42 points, or 1.1%, to 17,568.06, with Home Depot pacing blue-chip gains that extended to 26 of 30 components.
The S&P 500 added 23.01 points to 2,025.62, with health care the strongest performer and all but one of its 10 major sectors rising.
The NASDAQ index moved higher 53.29 points to 4,646.03.
Monsanto rose after the seed producer reported a lower-than-expected drop in quarterly profit; J.C. Penney rallied after the retailer reported a 3.7% gain in same-store sales for the holiday season.
American Express also gained after Goldman Sachs upgraded its shares to buy from neutral.
Private employers added 241,000 jobs to their payrolls in December, surpassing projections of a 226,000 gain, according to the ADP National Employment report.
The figures come two days before the U.S. Labor Department's non-farm payrolls report, with economists surveyed by Reuters looking for employment growth of 240,000 last month and a jobless rate of 5.7%.
Prices for 10-year U.S. Treasuries sagged, raising yields to 1.97% from Tuesday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices gained 18 cents per barrel to $48.11 U.S.
Gold prices let go of seven dollars an ounce at $1,212.40 U.S.
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