Investors were in a buying mood Wedesday -- as higher oil prices fueled buying in the energy sector while the Canadian dollar notched one of its biggest one-day jumps ever.
The S&P/TSX composite index ended up 318.34 points to 9,469.97.
A number of Q3 earnings reports hit the street today. Maple Leaf Foods Inc. slipped to a quarterly loss as charges mounted from a costly recall of tainted meat earlier this year which it said was now complete. The company posted a third-quarter loss on Wednesday of $12.9 million, or 10 cents per share, compared with a profit of $220.4 million, or $1.67, a year earlier.
BCE Inc. reported net income was $248 million or $0.31 per share, compared to $406 million or $0.50 per share last year. BCE's operating revenue declined 0.4 percent to $4.46 billion from $4.48 billion in the comparable period a year ago. Bell's operating revenues grew 1.8 percent to $3.76 billion from $3.69 billion in the previous year.
Moving to economic data -- the Census Bureau's read on September US durable-goods orders showed a surprise 0.8 percent uptick, up from a 5.5 percent decline in August and better than the 1 percent drop expected by economists.
In Canada -- the number of Canadians receiving employment insurance benefits inched up 0.2 percent in August from July, Statistics Canada reported Wednesday.
The Canadian dollar, meanwhile, was trading at 81.46 U.S. cents, up from 77.96 U.S. at Tuesday's close.
BAYSTREET
Eleven of the TSX sub-groups traded higher today -- mining issues rose 9.43 percent followed by a 8.59 percent gain in energy issues and a 8.47 percent rise in gold stocks.
COMEX gold for December delivery rallied $13.50 to settle at $754 US an ounce.
On the downside -- tech stocks shed 1.18 percent and telecom stocks dipped 0.19 percent.
Meanwhile, the TSX Venture Exchange moved up 41.79 points to 858.73 while NASDAQ Canada stocks were ahead 16.54 points at 477.19.
ON WALLSTREET
U.S. stocks staged another last-ditch turnaround to end mostly lower and leave the Dow Jones Industrial Average back under the 9,000 level. Up more than 200 points, stocks tossed off most of their gains in the final 10 minutes of trade.
The Dow Jones Industrial Average plummeted from session highs as the close approached, ending down 74.16 points, or 0.8 percent, at 8990.96, and the S&P 500 lost 10.42 points, or 1.1 percent, to 930.09. The Nasdaq gained 7.74 points, or 0.5 percent, to 1657.21.
Following a two-day meeting that began Tuesday, the Fed announced it had cut its key interest rate by 50 basis points to 1 percent, a move that had been widely expected by investors.
In its policy statement accompanying the cut, the central bank said that its board of governors had voted unanimously for the change. It said that the economy has slowed substantially and it expects inflation to moderate to levels of price stability.
Corporate earnings were occupying investors' attention. Electronics manufacturer Sony reported a 72 percent decline in its quarterly profit due in part to recent sharp appreciation of the yen.
In the telecommunications space, cable company Comcast reported rising net income on revenue that fell just short of estimates. Telecom services firm Qwest posted declining revenue and earnings and said it would cut 1,200 jobs during the fourth quarter.
Dow component Procter & Gamble reported higher quarterly sales and earnings in the fiscal first-quarter that topped estimates. However, the consumer products maker also said that full-year earnings could be weaker than previously expected.
Longer-dated U.S. Treasury securities were higher. The 10-year was up 8/32 to yield 3.81 percent, and the 30-year was up 18/32, yielding 4.16 percent. The American dollar was falling sharply vs. its major foreign competitors.
The Energy Information Administration reported that crude-oil inventories rose by 500,000 barrels for the week ended Oct. 24, an increase that fell short of expectations.
U.S. light crude oil for December delivery rallied $4.77 to settle at $67.50 US a barrel.
