Canada's main stock index extended its rally to a fourth straight session on Wednesday, as energy stocks tracked higher crude prices, while technology shares rose following strong U.S. tech earnings.
The S&P/TSX Composite enjoyed gains of 41.98 points to kick off Wednesday at 21,361.90.
The Canadian dollar inched ahead 0.03 cents at 78.82 cents U.S.
Rock Tech Lithium has signed a memorandum of understanding with Bilfinger for cooperation on the construction of a European lithium converter. Rock Tech jumped 34 cents, or 6.4%, to $5.65.
RBC raised the target price on Bank of Montreal to $154.00 from $146.00. BMO shares took on $1.27 to $146.85,
BMO raised the rating on Canadian Western Bank to outperform from market perform. Canadian Western shares gave back five cents to $39.16.
CIBC cut the target price on First Quantum Minerals to $37.00 from $38.50. First Quantum shares started the day up 34 cents, or 1%, to $33.07.
On the economic slate, building permits decreased in value 1.9% to $11.2 billion in December. Declines were reported in both the residential and non-residential sectors.
ON BAYSTREET
The TSX Venture Exchange edged forward 1.06 points to 873.78.
All but three of the 12 TSX subgroups were up in the first hour, with consumer staples better 1.1%, consumer discretionary moving higher 1%, and energy 0.9% more energetic.
The three laggards were health-care, off 1.3%, information technology, fading 0.1%, and materials, listing lower 0.02%.
ON WALLSTREET
The S&P 500 and NASDAQ rose for a fourth day in a row Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings.
The Dow Jones Industrials backed 4.2 points to begin the midweek session at 35,401.04.
The S&P 500 gained 24.33 points to 4,570.87.
The NASDAQ jumped 116.84 points to 14,462.84.
Tech stocks, which led the market selloff in January, have been key drivers of the three-day rebound as investors refocused their attention on earnings season, after big tech names continued reporting strong quarterly results and forward guidance.
Shares of Google-parent Alphabet popped more than 8% after its quarterly numbers topped analyst expectations. The company reported a quarterly beat on the top and bottom lines and announced a 20-for-one stock split, indicating the company might soon be included on the Dow Jones Industrial Average as well.
Chip stock Advanced Micro Devices also gained 9% on strong earnings and guidance. Facebook parent Meta Platforms, which is scheduled to report earnings after the closing bell, added 2%. Amazon climbed 1.2%.
Elsewhere, General Motors shares dipped after coming up light on quarterly revenue, despite beating earnings estimates and raising its 2022 forecast.
PayPal slid 25% after issuing disappointing guidance. Starbucks dipped 2.7% following its results.
Earnings season continues on Wednesday with key reporting from Meta Platforms, formerly Facebook, and Qualcomm. AbbVie, D.R. Horton and T-Mobile also report earnings on Wednesday.
So far this earnings season, more than 36% of the S&P 500 has reported and more than 78% have topped Wall Street’s expectations.
On the economic front, private payroll data fell by 301,000 for the month of January, which was down from December’s growth of 807,000 private payrolls, ADP reported Wednesday. Economists polled by Dow Jones were expecting 200,000 private jobs were added in January.
Prices for 10-year Treasurys gained ground, lowering yields to 1.77% from Tuesday’s 1.80%. Treasury prices and yields move in opposite directions.
Oil prices sank 35 cents to $87.85 U.S. a barrel.
Gold prices prospered $6.50 to $1,808 U.S. an ounce.
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