Markets in Toronto extended gains on Wednesday as resource stocks led the market sharply higher, bolstered in part by the $8.3-billion bid by Spain's Repsol to buy Talisman Energy Inc.
The S&P/TSX composite index soared 282.82 points, or 2%, to greet noon Wednesday at 14,144.34
The Canadian dollar gained 0.10 cents to 86.12 cents U.S.
Bonavista Energy led a very lucrative energy sector, surging 15.1% to $8.06, while Bellatrix Exploration jumped 12% to $4.20.
Among an equally-hot metals and mining sector, Sherritt International skyrocketed 26.9% to $2.88, and Teck Resources grew 9.9% to $14.33.
In the economic docket, Statistics Canada reported that wholesale trade edged up 0.1% in October to $54.2 billion. The agency adds gains were recorded in five of seven sub-sectors, representing 68% of wholesale sales.
ON BAYSTREET
The TSX Venture Exchange raced ahead 11.84 points to 654.14
All but two of the 14 Toronto subgroups gained ground, as energy leaped 7.8%, metals and mining grew 6.7%, and global base metals gained 4.3%.
The two laggards were telecoms, down 0.3%, and consumer discretionaries, off 0.1%.
ON WALLSTREET
U.S. stocks climbed on Wednesday, with the Dow and S&P 500 bouncing back from a three-session drop, as investors bet that the Federal Reserve would continue to support the U.S. economy while readying for an interest-rate hike.
The Dow Jones Industrials gained 118.30 points to 17,187.17, with Exxon Mobil and Chevron leading gains that included 22 of 30 components.
The S&P 500 hiked 17.98 points to 1,990.72, with energy pacing gains among its 10 major sectors and industrials the sole laggard.
The NASDAQ index climbed 32.23 points to 4,580.06.
FedEx dropped after the shipper' posted disappointing second-quarter earnings; competitor United Parcel Service also fell.
Verizon Communications fell after Goldman Sachs Group downgraded the telecommunications company to neutral from buy.
The Federal Open Market Committee ends a two-day meeting Wednesday afternoon, with most expecting the Fed will drop the "considerable-time" language from its statement as it prepares to start raising rates in 2015.
Fed Chair Janet Yellen holds a news conference at 2:30 p.m. Eastern.
The U.S. Labor Department reported the consumer price index fell 0.3% in November, the largest drop since 2008. Low inflation gives the Fed more rein to take its time in increasing rates.
Prices for 10-year U.S. Treasuries fell slightly, raising yields to 2.10% from Tuesday’s 2.07%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.08 per barrel to $58.01 U.S.
Gold prices added 80 cents an ounce at $1,195.10 U.S.
