Stocks in Canada managed to hold onto their gains by the close on Wednesday, as resource and tech issues starred.
The TSX flew 344.83 points, or 1%, to close Wednesday at 36,146.42.
The Canadian dollar pointed upward 0.26 cents at 71.36 cents U.S.
Kinross Gold rose $2.85, or 8.6%, to $36.03.
On the earnings front, Thomson Reuters beat second-quarter profit and revenue estimates and raised its annual revenue growth forecast. Thomson shares stepped back $15.63, or 10.2%, to $137.45.
Suncor Energy beat second-quarter adjusted profit estimates, while insurance and wealth manager iA Financial topped quarterly core EPS estimates late on Tuesday. Suncor shares dipped $2.67, or 2.9%, to $88.12.
The latest results add to a busy earnings season, with PHX Energy and Dexterra Group having also reported results after market close on Tuesday. PHX inched up 30 cents, or 2.8%, to $11.22, while Dexterra shares docked 50 cents, or 3.2%, to $15.22.
Mining shares gained as gold prices surged, after hopes of a U.S.-Iran peace deal tempered some inflation concerns.
NovaGold hiked 78 cents, or 8.8%, to $9.66, Eldorado Gold spiked $5.74, or 12.8%, to $50.47, and Discovery Mining was up 92 cents, or 9.7%, to $10.43.
Among individual stocks, iA Financial shares gained $5.83, or 2.8%, to $212.95, after the insurance and wealth manager topped quarterly core EPS estimates.
Gran Tierra Energy jumped $3.59, or 37.1%, to $13.26, after the oil and gas producer said it had agreed to sell its Colombian and Ecuadorean oil operations to France's Maurel & Prom for $1.33 billion, including debt.
ON BAYSTREET
The TSX Venture Exchange galloped 24.94 points, or 2.8%. to 923.83
Seven of the 12 TSX subgroups gained ground, with gold shinier by 7.2%, materials climbed 5.6%, and information technology leaped 2.7%.
The five laggards were weighed most by energy, sinking 3.1%, while utilities sank 1.9% and consumer staples lost 1.5%.
ON WALLSTREET
The Dow Jones Industrial Average rose to a fresh all-time high on Wednesday, powered by strong earnings and an advance in Nvidia shares.
The 30-stock index shot higher 263.24 points, to 54,349.12, improving on Tuesday’s record, and its fifth straight positive day.
The S&P 500 scaled back 12.97 points to 7,723.55.
The NASDAQ Composite dropped 221.55 points to 26,363.44
Wednesday’s new record highs were supported by Dow member Disney, which rose more than 2% on better-than-expected earnings for its fiscal third quarter, as well as Eli Lilly. Shares of the pharmaceutical giant also moved higher by 2% after its second-quarter earnings and revenue surpassed estimates.
Dow member Nvidia shares popped more than 3% after Elon Musk said that SpaceX would only use Nvidia processors when building its artificial intelligence computing infrastructure in the future.
In SpaceX’s earnings call, he said Nvidia has “the best AI computer,” before adding, “We’re exclusive to Nvidia.”
SpaceX shares dropped more than 13%, however, after the rocket company released its first quarterly report since going public in June. The company said its capital expenditures jumped sixfold to $18.4 billion in the second quarter. This figure was ahead of analyst expectations, with the majority of the spending going toward AI.
Chip giant Advanced Micro Devices and “Magnificent Seven” member Alphabet struggled. The former fell 7% after the company posted adjusted earnings that only came in slightly ahead of the Street’s estimates.
The latter slipped 4% after the company said it’s reshuffling its AI divisions and that chief scientist Jeff Dean is leaving the company after 27 years.
Prices for the 10-year Treasury hiked, lowering yields to 4.61% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 67 cents to $75.10 U.S. a barrel.
Gold prices spiked $155.10 to $4,307.700 U.S. an ounce.
