Canada's main stock index advanced on Wednesday, boosted by expectations that minutes from the U.S. Federal Reserve's latest meeting will show it remains committed to stimulating that country’s economy and by a rise in oil prices that lifted shares of energy producers.
The S&P/TSX composite index climbed 124.67 points to end Wednesday’s session at 14,649.86
The Canadian dollar dipped 0.06 cents to 91.62 cents U.S.
The Toronto stock market's benchmark index climbed for a second straight session and is up more than 7% this year.
Financials, the index's most heavily weighted sector, rose as Royal Bank of Canada climbed 1.1% to $74.23, and Bank of Montreal was up 0.9% at $75.25.
Shares of energy companies advanced, supported by a gain in the price of oil. Canadian Natural Resources added 2.2% to $44.27, and Enbridge jumped 1.3% to $52.80.
In corporate news, Sears Canada Inc posted a bigger quarterly loss as a prolonged winter hurt sales. The stock was down 0.7% at $15.21
ON BAYSTREET
The TSX Venture Exchange remained positive 3.96 points to 972.41.
All but one of the 14 Toronto subgroups were positive on the day, led by energy, ahead 1.4%, consumer discretionary issues, up 1%, and information technology, clicking 0.9%.
Only real-estate stocks missed the party, down 0.3%.
ON WALLSTREET
U.S. stocks rose on Wednesday, erasing the previous day's broad selloff, after minutes from the Federal Reserve's last meeting showed central bankers have discussed the eventual tightening of monetary policy but made no decisions on which tools to use.
The Dow Jones Industrial Average vaulted 158.75 points, or nearly 1%, to 16,533.06
The S&P 500 gained 15.20 points to 1,888.03, and the NASDAQ composite index zoomed 34.65 points to 4,131.54
Minutes of the session released on Wednesday said Fed staff presented several approaches to raising short-term interest rates, but said the discussion was simply "prudent planning" and not a sign rate hikes would come any time soon.
Retail stocks were once again in the spotlight. Tiffany & Co. jumped 8.3% to $95.54 U.S. as the best performer on the S&P 500 after the jewelry retailer raised its full-year profit forecast.
Lowe's Companies slipped 0.3% to $45.37 U.S. The world's second-largest home improvement chain said sales picked up in May and maintained its full-year sales growth forecast, even as it reported weaker-than-expected quarterly results.
Target Corp reported a 16% drop in quarterly profit but showed signs of progress in efforts to rebuild customer confidence. Shares edged down 0.5% to $56.88 U.S.
With earnings season nearly completed, Thomson Reuters data through Wednesday showed that of 478 companies in the S&P 500 that have reported earnings, 68.2% topped expectations, above the 63% average since 1994 and a 66% rate for the past four quarters.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.54% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions
Oil prices recovered $1.52 to $103.85 U.S. a barrel.
Gold prices retreated $3.40 to $1,291.20 U.S. an ounce.
