Equities in Canada’s largest market continued their upward journey Wednesday, tracking global stocks that rose on hopes for progress in Russia-Ukraine peace talks, while investors awaited the U.S. Fed's policy outcome.
The S&P/TSX Composite Index remained strong heading into noon hour on Wednesday, ahead 229.74 points, or 1.1%, to 21,417.58.
The Canadian dollar popped 0.22 cents to 78.52 cents U.S.
Tech stocks had the monopoly on gains Wednesday, with Shopify sparkling $55.17, or 7.8%, to $762.18, while Dye &Durham picked up $2.06, or 7.8%, to $28.55.
Health-care stocks also flexed their muscles, as Cronos Group surged 29 cents, or 7.3%, to $4.24, while Aurora Cannabis progressed 28 cents, or 7.3%, to $4.14.
Gold stocks faded, however, as NovaGold lost 43 cents, or 4.3%, to $9.63, while Barrick Gold gave up 45 cents, or 1.5%, to $29.92.
Endeavour Silver was badly bruised, skidding 72 cents, or 10.5%, to $6.13.
Economically speaking, Statistics Canada said wholesale trade grew 4.2% in January to $79.8 billion.
This increase marked the sixth consecutive month of growth for the sector and was driven by strong sales in three subsectors: building material and supplies, personal and household goods, and machinery, equipment and supplies.
The consumer price index rose 5.7% on a year-over-year basis in February, up from a 5.1% gain in January. On a seasonally adjusted monthly basis, the CPI rose 0.6% in February.
ON BAYSTREET
The TSX Venture Exchange popped 9.85 points, or 1.2%, to 828.18.
All but two of the 12 TSX subgroups were positive in the first hour, as information technology rocketed 1.8%, consumer discretionary stocks leaped 1.4%, and health-care was stronger 1.2%.
Only gold, down 0.9%, and materials, shrinking 0.1%, missed the party.
ON WALLSTREET
The S&P 500 rallied for a second day, hitting the highs of the session on a report that Ukraine and Russia are making strides toward a peace agreement.
The Dow Jones Industrials added to this week’s gains, increasing 371.31 points to pause for lunch hour Wednesday at 33.915.65.
The much-broader index continued its upward trajectory, hiking 68.36 points, or 1.6%, to 4,330.81.
The NASDAQ Composite spiked 348.50 points, or 2.7%, to 13,297.13.
The two countries have made “significant progress” on a peace plan and Russian withdrawal, the Financial Times reported.
Micron Technology was among the best-performing S&P 500 stocks, gaining more than 7%. Starbucks shares also climbed 7.5% after an upgrade from JPMorgan, while Dow member Boeing advanced more than 5%.
In economic data, consumers continued to spend in February through at a slower pace than expected, according to a Commerce Department report Wednesday. Advance retail sales grew 0.3% for the month, slightly below the 0.4% Dow Jones estimate.
To be sure, all eyes are on the Fed on Wednesday, as the central bank wraps up a key two-day policy meeting.
The Fed is widely expected to raise rates by a quarter-point, the first hike since 2018. Watchers are also expecting the central bank to offer a new quarterly forecast that could indicate five or six more hikes this year.
The Fed is expected to announce an interest rate decision and economic projections at 2 p.m. on Wednesday, which will followed by a briefing from Federal Reserve Chair Jerome Powell.
Treasury prices dipped slightly, raising yields to 2.17% from Tuesday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices jumped 51 cents to $96.95 U.S. a barrel.
Gold prices stumbled $14.50 to $1,915.20 U.S. an ounce.
