The Toronto stock market was little changed Wednesday afternoon after Republicans and Democrats reached a last-minute deal to avoid hitting the U.S. debt limit.
The S&P/TSX composite index gained 25.75 points to conclude Wednesday at 12,957.21.
The Canadian dollar reacquired 0.45 cents to 96.76cents U.S.
Commodities generally advanced following word that an agreement had been reached, but the TSX gold sector declined, as Goldcorp. faded 53 cents to $24.44.
The base metals component eased as December copper on the Nymex was unchanged at $3.31 U.S. a pound. First Quantum Minerals gave back 27 cents to $18.59.
Ivanhoe Mines jumped 13 cents, or 6.1%, to $2.26 in the wake of reports of strong exploration results at a platinum mine project in South Africa.
The industrials sector was down after SNC-Lavalin Inc. said it now expects consolidated net income in fiscal 2013 to be in the range of $10 million to $50 million, sharply lower than earlier guidance in the range of $220 million to $235 million.
Among other things, the engineering company blamed a number of money-losing legacy contracts. Its stock fell two dollars, or 4.5%, to $42.13.
Consumer staples led advancers with Loblaw Cos. Ltd. ahead $1.08 to $47.09 after the grocer said it was cutting its management and administrative ranks by 275 employees as it tries to reduce expenses alongside its acquisition of Shoppers Drug Mart.
The energy sector was barely ahead as EnCana climbed 13 cents to $18.43.
On the economic beat, Statistics Canada reported that manufacturing sales moved down 0.2% in August to $49.5 billion, following three straight months of gains. Market call was for a rise of 0.2% during the month.
ON BAYSTREET
The TSX Venture Exchange dropped 3.25 points to finish at 925.88.
All but four of the 14 Toronto subgroups were higher on the session, led by consumer staples, prospering 0.9%, health-care, up 0.8%, and real-estate, advancing 0.6%.
The four laggards were weighed mostly by gold, down 1.9%, materials, down 1.2%, and the metals and mining group, down 0.6%.
ON WALLSTREET
Stocks surged Wednesday as investors cheered news that Senate lawmakers had reached a deal to reopen the government and avoid a possible United States debt default.
The Dow Jones Industrials rocketed 205.82 points, or 1.4%, to close at 15,373.80
The S&P 500 index hiked 23.42 points to 1,721.48. The NASDAQ leaped 45.42 points to 3,839.43
Shares of Bank of America gained after the financial giant reported better-than-expected third-quarter results.
Mattel shares jumped after the Barbie and American Girl manufacturer reported quarterly revenue and profits that beat analysts' estimates.
Shares of SolarCity, a solar power company partly owned by Elon Musk, surged 12%. The move came after SolarCity priced an offering of common stock and convertible notes, but the rally perplexed some traders.
Stanley Black & Decker tumbled roughly 10% after the power tools maker lowered its full-year earnings outlook. The company said it expected "uncertainty created by the U.S. government's sequestration and shutdown" to hurt business and consumer spending.
Meanwhile, shares in BlackRock and PepsiCo inched higher after both firms released quarterly results that topped forecasts. American Express, IBM and eBay are set to report after-hours.
After the bell Tuesday, Twitter announced plans to list on the New York Stock Exchange.
Intel shares slipped after the chipmaker issued a pessimistic outlook for the rest of 2013 and lowered its profit forecast late Tuesday. But shares of Yahoo rose following its earnings report.
An early advance accelerated after Senate officials announced an agreement that would end a 16-day government shutdown and keep the U.S. from defaulting on its debt. However, the deal merely funds the government through January 15 and raises the debt ceiling until February 7.
House lawmakers have not yet decided on when to vote on the Senate bill, according to a spokesperson for majority leader John Boehner.
Rating agency Fitch put the U.S. on notice Tuesday afternoon, warning it could soon downgrade America's credit rating because of the "political brinkmanship" on display in Washington.
Prices for the 10-year U.S. Treasury gained strength, lowering yields to 2.67% from Tuesday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.07 to $102.28 U.S. a barrel.
Gold prices regained $8.50 to $1,281.70 U.S. an ounce.
