Canadian markets rose Wednesday after two days of losses on the strength of materials, mining, and energy stocks.
The S&P/TSX Composite Index prospered 50.26 points to approach noon at 12,030.36
The Canadian dollar gained 0.34 cents, to 101.65 cents U.S.
Shares of Potash Corp. of Saskatchewan were the big large-cap gainer. Shares rose 4.3% ahead of the fertilizer producer’s first-quarter earnings on Thursday. Earlier in the day, rival Mosaic Co. cited a rapid acceleration in demand for potash and phosphate fertilizers.
Other big gainers included Teck Resources Ltd. and Agrium Inc. with shares up 1.8% and 2.8%, respectively.
Encana Corp. shares rose 1.7% after the energy company swung to a quarterly profit on commodity price hedging gains.
Shares of Cenovus Energy Inc. were up slightly following its report of quarterly earnings.
Shares of Nexen rose after the oil and gas producer reported quarterly results below analyst estimates but said that repairs were complete at its Buzzard oil field in the North Sea
ON BAYSTREET
The TSX Venture Exchange gained 1.67 points to 1,367.44, while the Nasdaq Canada index jumped 5.10 points to 407.19
All but two of the 14 Toronto subgroups picked up ground. Information technology surged 1.7%, the metals and mining group soared 1.5%, and materials gained 1.4%.
The lone naysayers were telecoms, off 1.8%, and real-estate, inching back 0.04%.
ON WALLSTREET
In New York, stronger-than-expected results from Apple, Boeing and other major companies lifted U.S. stocks sharply early Wednesday.
The Dow Jones Industrials added 55.90 points to break for lunch at 13,057.46, with a 4% jump in shares of Boeing leading the gains. The aerospace and defense company reported earnings that trounced Wall Street's expectations. Caterpillar was the biggest loser on the blue-chip index, after it reported revenue that fell short of forecasts.
The S&P 500 grew 14 points to 1,385.97, while the tech-rich Nasdaq spiked 58 points to 3,019.60.
Apple's 9% pop made it one of the biggest gainer on both indexes Wednesday. The world's most valuable company reported that its net income nearly doubled, on much stronger-than-expected iPhone sales.
Apple shares had been struggling ahead of its quarterly results, losing nearly 12% over an 11-day stretch. But Wednesday's rally helped push the stock back above $600 U.S. a share, and less than 4% away from its all-time high.
Shares of companies that make chips or accessories for iPhones also rode the good-news wave, including Cirrus Logic, Skyworks Solutions and Triquint. ARM and Qualcomm, two semiconductor companies, also gained traction.
Shares of Omnivision, which makes camera sensors for the iPhone, jumped, while Zagg, a popular maker of iPhone accessories like cases and screen protectors, also rallied.
Despite Apple's positive influence on the markets, one expert said that a slowdown in March's durable goods orders may keep a lid on the day's advance -- especially as the trading session wares on and the euphoria behind Apple's results begin to fade.
In addition to Apple and Boeing, Wednesday also brought more strong corporate results for investors to consider, including telecom giant Sprint Nextel health insurer Wellpoint and glass-maker and tech supplier Corning.
Sprint shares were slightly lower even after the wireless provider posted a loss that was narrower than forecasts. Wellpoint's were higher than expected, while Corning, whose Gorilla glass is used in Apple's iPhones and iPads, also topped expectations.
DuPont shares rose after the company boosted its dividend by 5%.
Shares of Tyson Foods, one of the biggest U.S. beef processors, dipped slightly lower after at least one major South Korean retailer suspended the sale of U.S. beef Wednesday, the day after after authorities confirmed a case of "mad cow disease" in the carcass of a dairy cow in central California. But Korean authorities have not halted imports of U.S. beef. South Korea is the number-two importer of U.S. beef.
Economically, the day's highlight will likely be the Fed's policy announcement and Bernanke's comments in the early afternoon. Few expect him to waver from his position that the economy will continue to warrant "exceptionally low" interest rates through late 2014.
Before the market open the Commerce Department's durable goods report came in weaker than expected, with new orders for big ticket items falling 4.2% -- worse than the 1.7% drop forecast by economists surveyed by Briefing.com.
New orders for nondefense capital goods, excluding aircraft, fell 8.9%. That reading in the report is taken as a barometer of business investment.
The Mortgage Bankers Association also reported a 3.8% decline in new mortgage applications for last week, despite the exceptionally low rates on home loans.
The price on the benchmark 10-year U.S. Treasury dropped, driving the yield up to 1.98% from Tuesday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil for May delivery slid 10 cents to $103.45 U.S. a barrel.
Gold futures for June delivery lost $5.40 to $1,638.40 U.S. an ounce
