The relief among equity investors on both sides of the border was palpable Wednesday, on news U.S. President Donald Trump would not take military action to capture Greenland.
The TSX index managed to hang onto gains of 101.25 points to conclude Wednesday at 32,851.53.
The Canadian dollar was static at 72.29 cents U.S.
The benchmark had recorded its biggest decline since November 20 on Tuesday, when global markets tumbled after Trump threatened to impose tariffs on eight European countries if the U.S. was not allowed to take over Greenland.
Among individual stocks, Teck Resources was a standout, rising $3.84, or 5.5%, to $73.31, after the copper miner reaffirmed its production outlook for 2026.
Eldorado Gold gained $2.72, or 4.6%, to $62.04. after the gold miner said it had achieved the higher end of its production guidance in the previous year.
Elsewhere in gold, Equinox Gold skidded $1.09, or 5%, to $20.54.
In materials, SSR Mining retreated $1.80, or 5.3%, to $31.99, while Viszla Silver gave up 64 cents, or 7.1%, to $8.40.
Tech stocks took a beating, as Shopify tumbled $8.48, or 4.2%, to $181.58, while Docebo forfeited $1.11, or 4.2%, to $25.20.
Energy rumbled, though, as Athabasca Oil captured 47 cents, or 6.9%, to $7.32, while Vermilion Energy gained 84 cents, or 6.9%, to $13.05.
In industrial stocks, GFL Environmental jumped $2.77, or 4.7%, to $61.37, while ATS Corp. leaped $1.58, or 4.1%, to $40.23.
Consumer staples also pointed north, as Alimentation Couche-Tard hiked $2.29, or 3.1%, to $75.69, while Jamieson Wellness tacked on 90 cents, or 2.6%, to $36.05.
On the economic scene. Statistics Canada reports its industrial product price index decreased 0.6% month over month in December, and gained 4.9% year over year. The Raw Materials Price Index increased by 0.5% month over month in December and rose 6.4% year over year.
ON BAYSTREET
The TSX Venture Exchange poked higher 1.29 points to 1,094.62.
The 12 TSX subgroups were split right down the middle, with energy surging 3.2%, while industrials captured 1.5%, and consumer staples gained 1.3%.
The half-dozen laggards were headed by gold, down 1.7%, while materials and information technology each slid 0.9%.
ON WALLSTREET
Stocks leaped after Wednesday after President Donald Trump called off new Europe tariffs, saying a deal framework has been reached over Greenland.
The Dow Jones Industrials recovered 588.51 points, or 1.2%, to 49,077.10.
The S&P 500 picked up 78.76 points, or 1.2%, to 6,875.62.
The NASDAQ raced ahead 270.5 points, or 1.2%, to 23,224.83.
Even with the day’s gains, the three leading indexes are still in the red for the week. The Dow is pacing for a 0.6% decline, while the S&P 500 and NASDAQ are each on track to post a weekly fall of around 1%.
Tech stocks like Nvidia and AMD led the market comeback as investors piled back into their favorite growth stocks after hunkering down earlier in the week.
Bank stocks also rose after the president said in his Davos speech that he would be asking Congress to implement his proposed credit card cap of 10%, an uncertain prospect given lack of support among lawmakers. Citigroup and Capital One each rose roughly 1%.
Even after Trump said there would be no military action over Greenland tensions were high because of the tariff threat. Earlier Wednesday, European lawmakers suspended the European Union’s trade deal with the U.S. that was reached in July in the midst of ongoing tariff tensions over Greenland. Trump had announced over the weekend that eight NATO members’ goods will face 10% tariffs starting on Feb. 1
— which will then escalate to 25% on June 1 — until a deal to purchase Greenland is reached.
Prices for the 10-year Treasury gained, lowering yields to 4.25%, from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices gained 31 cents to $60.67 U.S. a barrel.
Gold prices leaped $61.30 to $4,827.10.
