Canada's main stock index was largely flat in early trade on Wednesday as rising crude oil prices lifted energy stocks, countering broader market weakness.
The TSX Composite reversed course and gained 33.09 points, to move into noon hour EST Wednesday at 20,872.72.
The Canadian dollar edged up 0.1 cents at 75.05 cents U.S.
Among individual stocks, Canadian Imperial Bank of Commerce gained 69 cents, or 1.1%, to $62.81, after brokerage National Bank of Canada upgraded its rating to "outperform" from "sector perform".
Aritzia advanced $1.64, or 6.3%, to $27.58, after TD Securities upgraded its rating to "buy" from "hold".
ON BAYSTREET
The TSX Venture Exchange popped 8.41 points, or 1.6%, to 542.93.
Six of the 12 subgroups were higher midday, with energy rumbling 0.9%, while industrials prospered 0.4%, and consumer staples advanced 0.3%.
The five laggards were weighed most by gold, settling 0.7%, materials, down 0.6%, and health-care, off 0.4%.
Consumer discretionary issues were unchanged by the lunch break.
ON WALLSTREET
The S&P 500 rose slightly Wednesday following the latest in a series of encouraging economic data, as markets attempted to build on their momentum heading into year-end.
The Dow Jones Industrials restocked 33.82 points to move into Wednesday afternoon at 37,591.74.
The S&P 500 eked up 4.2 points to 4,772.57. At current levels, the benchmark is 0.5% from its record close and 1% from its all-time intraday high hit in January 2022.
The NASDAQ climbed 44.58 points to 15,047.80. Both the NASDAQ and the Dow were on pace for their 10th straight day of gains.
The S&P 500 has risen 4% this month and 24% year to date, while the Dow has added 4% this month and 13% year to date. The NASDAQ is up 5% for December and 43% for 2023, putting it on pace for its best year since 2020.
Google-parent Alphabet was the best performer in the S&P 500, gaining more than 2% and reaching a new 52-week high. Other tech stocks such as Meta Platforms rose 0.7%, while Amazon added 0.6%, as bond yields declined.
FedEx was the biggest laggard in the broader index, losing more than 11%. The package delivery giant issued a disappointing revenue outlook for the fiscal year, and reported fiscal second-quarter results that fell short of expectations on the top and bottom lines.
Prices for the 10-year Treasury gained ground, lowering yields to 3.90% from Tuesday’s 3.93%. Treasury prices and yields move in opposite directions.
Oil prices held onto gains of 74 cents to $74.68 U.S. a barrel.
Gold prices dulled $5.20 at $2,046.90.
