Equities in Canada rose on Wednesday, with energy stocks climbing over 3% as crude prices gained on supply concerns after a ship ran aground.
The TSX gained 105.17 points to pause for lunch Wednesday at 18,774.97.
The Canadian dollar regained 0.23 cents at 79.66 cents U.S.
Eight tug boats were attempting on Wednesday to free a 400-metre-long container ship that ran aground in the Suez Canal, blocking vessels passing through one of the world's most important waterways.
The largest percentage gainers on the TSX were Crescent Point Energy, which jumped 31 cents, or 6.3%, to $5.23, after brokerage TD Securities hiked the price target of the oil producer's stock, and Air Canada, which rose 4.7%.
Food processing firm Sunopta fell $1.35, or 7.2%, the most on the TSX, to $17.41, and the second-biggest decliner was pharmaceuticals company Bausch Health Companies, down 38 cents, or nearly 1%, to $39.48.
The Bank of Canada is seeing evidence of investor activity and "a lot more flipping" in some Canadian housing markets and is concerned that "fear of missing out" may also be driving price gains
ON BAYSTREET
The TSX Venture Exchange lurched lower 2.03 points to 964.79
Seven of the 12 TSX subgroups were down midday, as consumer staples and health-care each tripped 0.9%, while information technology stumbled 0.6%.
The five gainers were led by energy, up 4.6%, while real-estate grabbed 1%, and financials were richer 0.7%.
ON WALLSTREET
U.S. stocks climbed on Wednesday, recouping the losses from the previous session, as investors once again made bets on a strong economic recovery from the pandemic.
The Dow Jones Industrials recovered 297.01 points as morning became afternoon to 32,720.16, as Caterpillar jumped more than 3%.
The S&P 500 regained 22.28 points 3,932.80, boosted by energy and industrials.
The NASDAQ Composite fell, however, 24.3 points, to 13,203.40.
Classic reopening trades like cruise lines and airlines rebounded after a steep selloff in the previous session. Shares of American Airlines and United Airlines were higher by more than 3%. Carnival popped 5%, while Norwegian Cruise Line and Royal Caribbean gained 3% each.
Shares of Intel rose slightly after the chip giant unveiled plans for a comeback, saying it was opening two new factories to manufacture its own chips and ones for other companies.
The market suffered a broad selloff on Tuesday amid concern about rising new coronavirus infections in the U.S. and abroad.
Many regions of the world are indeed seeing rising COVID-19 cases as highly contagious variants continue to spread, the World Health Organization said. Germany and France are extending or enforcing new lockdown measures.
But the pace of vaccinations in the U.S. is picking up with nearly one in five adults now fully vaccinated.
On Wednesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen will continue their testimony to the U.S. House Committee on Financial Services. In the first joint appearance Tuesday, the pair acknowledged the richly valued asset prices in the markets, but said that they are not concerned about financial stability.
Powell said that the economic recovery from the pandemic had “progressed more quickly than generally expected and looks to be strengthening.”
Prices for 10-Year Treasurys faded, raising yields to 1.64% from Tuesday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.67 to $60.43 U.S. a barrel.
Gold prices increased $4.30 to $1,729.40.
