Stocks in Canada’s largest centre raced skyward midday Wednesday, with industrials realizing strength.
The TSX Composite leaped 215.64 points, or 1%, to pause for lunch Wednesday at 21,220.15.
The Canadian dollar increased 0.37 cents to 78.94 cents U.S.
Canada ratcheted up pressure on Russia for its invasion of Ukraine by shutting ports to Russian-owned ships and saying that holdings of all Russian oligarchs and companies in the country were under review.
Energy stocks did well, particularly Imperial Oil, up 68 cents, or 1.2%, to $57.62. Industrials led the market Wednesday morning, especially Bombardier, growing two cents, or 1.4%, to $1.50.
It was also a good morning for financial stocks, like Scotiabank, which jumped $2.38, or 2.6%, to $93.27.
The Bank of Canada did as expected today, and raised its trendsetting rate a quarter-percentage point to 0.5%, with the Bank Rate at 0.75% and the deposit rate at 0.5%.
ON BAYSTREET
The TSX Venture Exchange nicked up 1.98 points to 855.27.
All but three of the 12 TSX subgroups were positive, led by industrials, up 2%, financials, bustling 1.7%, and communications, ahead 1.3%.
The three laggards were gold, down 1.5%, health-care, off 0.5%, and information technology, sliding 0.4%.
ON WALLSTREET
Stocks rose on Wednesday despite a continued surge in oil prices surged amid the intensifying conflict between Russia and Ukraine.
The Dow Jones Industrials popped 544.2 points, or 1.6%, to 33,839.15.
The S&P 500 picked up 67.43 points or 1.6%, to 4,373.69.
The tech-heavy NASDAQ Composite index gained 132.67 points, or 1%, to 13,665.13.
The moves came as oil prices trekked upward, building on a massive move in the previous session. Futures for West Texas Intermediate traded as high as $112.51 per barrel on Wednesday morning before trimming gains to about $106.40.
Corporate news helped push the market higher. Shares of Ford popped 4.6% after the automaker announced it would split its electric vehicle and legacy production businesses into two separate units. Salesforce rose 1.7% after the software giant beat estimates on the top and bottom lines for its fourth quarter.
The move in oil appeared to boost energy stocks, with Exxon and Chevron each rising about 2% in early trading.
Earnings boosted several other stocks. Nordstrom spiked by more than 30% on strong earnings while SoFi surged around 10%.
On the downside, First Solar shares tumbled more than 15% after the company misses estimates on revenue and issued disappointing guidance. Citi shed 3.5% after releasing updated financial goals.
Earnings season continues with several tech companies set to report on Wednesday. Okta, Pure Storage and C3 AI will report after the market closes. ChargePoint is also scheduled to report after the bell.
Fed Chair Jerome Powell will testify before Congress on Wednesday to give his semi-annual monetary policy update. The central bank chief said that rate hikes are likely to begin this month despite the “highly uncertain” impact of the war in Ukraine, and that the Fed would make progress on but not finalize a plan to reduce its balance sheet.
Markets also were digesting the State of the Union speech from President Joe Biden, who offered little in the way of new policy details while urging support for Ukraine and reiterating many of the goals for his domestic agenda.
Prices for the 10-Year Treasury moved downward, boosting yields to 1.83% from Tuesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices acquired $4.34 to $107.75.
Gold prices dropped $22.10 to $1,921.70.
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