Stocks here in Canada spread their wings Wednesday, following word that the U.S. Federal Reserve was leaving its trendsetting rate where it is.
The S&P/TSX Composite leaped 188.84 points, or 1.3%, to finish Wednesday at 14,710.82
The Canadian dollar strengthened 0.52 cents at 76.33 cents U.S.
All sectors gained, but gold and materials stocks enjoyed the most in terms of gains, most notably, Barrick Gold, whose shares rose $1.80, or 7.9%, to $24.51, while Kinross Gold hiked 39 cents, or 7.1%, to $5.90.
Teck Resources climbed 58 cents, or 2.5%, to $24.19.
Energy stocks were on the move, too, as Crescent Point Energy jumped $1.07, or 6.5%, to $17.51, while Baytex Energy improved 26 cents, or 5.4%, to $5.09.
Among financials, CIBC increased $1.17, or 1.2%, to $102.40, and Manulife bolted higher 16 cents to $18.52.
On the economic calendar, Statistics Canada reported that July wholesale trade rose 0.3% to $56.5 billion in July, a fourth straight gain. The agency says increases were recorded in five of seven sub-sectors.
ON BAYSTREET
The TSX Venture Exchange climbed 10.08 points, or 1.3%, to 813.29
All 12 TSX subgroups were higher, as gold screamed upwards 6.5%, materials were up 4.6%, and energy spiked 1.8%.
ON WALL STREET
U.S. stocks closed sharply higher on Wednesday after the Federal Reserve kept interest rates unchanged but hinted at the possibility of one rate hike later this year.
The Dow Jones Industrials gained 172.1 points, or nearly 1%, to finish at 18,302.06, with Boeing leading advancers and Procter & Gamble the biggest laggard.
The S&P 500 popped 23.36 points, or 1.1%, to 2,163.12, with energy leading all 11 sectors higher.
The NASDAQ Composite leaped 53.83 points, or 1%, to 5,295.18, and closed at a new all-time high
Fed Chair Janet Yellen said in a news conference she would expect the central bank to raise rates sometime this year.
In oil markets, U.S. crude prices rose, after the Energy Information Administration said U.S. oil inventories fell by 6.2 million barrels.
Prices for the 10-year Treasury regained strength, lowering yields to 1.66% from Tuesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.50 at $45.55 U.S. a barrel
Gold prices muscled higher $19.10 at $1,331.30 U.S. an ounce.
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