Canada's main stock index rose on Wednesday, as global sentiment was lifted by modest sanctions by Western nations on Moscow, with investors eyeing the next move in the Russia-Ukraine conflict.
The S&P/TSX index remained in the green 49.43 points midday Wednesday at 20,957.25.
The Canadian dollar jumped 0.34 cents to 78.67 cents U.S.
Royal Bank of Canada kicks off Canadian bank earnings on Thursday. RBC shares greeted noon Wednesday down 84 cents to $141.51.
Prime Minister Justin Trudeau announced on Tuesday a first round of economic sanctions on Russia a day after Moscow recognized the Ukraine separatist regions of Donetsk and Luhansk as independent.
ON BAYSTREET
The TSX Venture Exchange gained 7.69 points to 836.38.
All but three of the 12 TSX subgroups were in positive country at lunch hour, with gold ahead 2%, materials on the move 1.3%, and energy sprinting 1.2%,
The three laggards were industrials, down 0.8%, while financials trailed 0.4%, and communications lost 0.3%.
ON WALLSTREET
The S&P 500 moved between gains and losses on Wednesday, a day after closing in correction territory amid escalating tensions between Russia and Ukraine.
The Dow Jones Industrials regained 32.17 points, to 33,628.78.
The S&P 500 sagged 4.06 points to 4,300.70.
The NASDAQ Composite Index lost 50.42 points to 13,331.10.
Some reopening plays like airlines and cruise lines in the red, as well as some technology names. Delta Air Lines lost nearly 2% and Tesla was off by 2.5%. were a sea of red with Macy’s down 5% and TJX Companies down more than 7%. Best Buy lost 3% and Nordstrom was down 2%.
Meanwhile, home retailing giant Lowe’s rose more than 4% after beating earnings forecasts and announcing sales rose 5%.
The S&P 500 is in the red for the fourth session in a row as investors have been juggling brewing tensions between Russia and Ukraine.
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations.
Investors are also facing concerns about record inflation and the Federal Reserve’s monetary policy pivot which could result is rate hikes as soon as next month.
On Tuesday afternoon President Joe Biden announced a first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt and three individuals.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.
Prices for the 10-year Treasury lost ground, raising yields to 1.97% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices acquired 24 cents to $92.15 U.S. a barrel.
Gold prices took on $5.10 to $1,912.50.
Stocks Continue to Waver Wednesday
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