The Toronto Stock Exchange posted a triple-digit gain Wednesday, helped by strength in the energy and financial sectors and a rising price for oil.
The S&P/TSX composite index soared 224.44 points, or 1.6%, to close Wednesday at 14,301.80
The Canadian dollar slid 0.13 cents to 77.24 cents U.S.
Energy stocks had the best time of it, as Calfrac Well Services dipped 66 cents, or 11.5%, to $6.40, while Trilogy Energy triumphed 46 cents, or 10.5%, to $4.86.
Industrials were mightier on the day, what with Toromont Industries climbing $2.17, or 6.8%, to $34.22, while Bombardier jumped 12 cents, or 6.3%, to $1.94.
Financials were also richer, AGF Management adding 38 cents, or 6.5%, to $6.20, and Canadian Western Bank popping $1.32, or 5.6%, to $24.91.
Only in health-care were there negative numbers, as Valeant Pharmaceuticals fell back $3.28, or nearly 1%, to $330.63. Even so, Extendicare moved higher a penny to $8.49.
ON BAYSTREET
The TSX Venture Exchange moved downward 2.21 points to close Wednesday’s session at 584.76
All but one of the 14 TSX subgroups were higher on the day, with energy gushing 2.7%, industrials stronger by 2.5%, and financials better 2.3%.
Only health-care issues missed out of the fun, sinking 0.6%.
ON WALLSTREET
U.S. stocks closed higher on Wednesday after the Federal Reserve kept rates unchanged in its July statement and the continued recovery in oil prices encouraged investor sentiment.
The Dow Jones industrial average grew 121.12 points to 17,751.39, with Microsoft leading advancers and DuPont leading three decliners. UnitedHealth closed flat.
The S&P 500 gained 15.22 points to 2,108.47, with energy leading all 10 sectors higher.
The NASDAQ index moved up 23.04 points to 5,112.24
Tableau plunged nearly 19% despite reporting earnings that beat on both the top and bottom line. Shares of big data analytics firm Splunk declined 4% in sympathy.
Earnings expected after the bell include Facebook, MetLife, Samsung Electronics, Marriott, Western Digital, and Whole Foods.
After the close Tuesday, Twitter reported earnings that beat on both the top and bottom line. However, user growth figures proved disappointing to investors, sending its shares sharply lower in after-hours trade. The stock fell more than 13% Wednesday.
Gilead Sciences reported adjusted quarterly profit of $3.15 U.S. per share, outdistancing estimates of $2.71 U.S. Revenue also came in well above Street forecasts, with the drug maker benefiting from increased sales of hepatitis C treatments. Gilead also raised its full-year outlook.
Yelp missed on earnings per share but topped revenue expectations. The consumer review website gave a lower-than-expected forecast for current quarter revenue, amid increasing competition. Shares plunged more than 28% Wednesday.
Express Scripts topped earnings estimates and raised its full-years earnings forecast, but missed revenue expectations.
In economic news, the U.S. Federal Reserve kept rates unchanged and gave no hint of liftoff coming in the next meeting. The decision on the rates was unanimous. Policymakers said the economy is expanding moderately and made no mention of recent volatility around Greece or China.
Elsewhere, U.S. pending home sales came in down 1.8% in June from May. Housing data so far has been mixed. Last week's new home sales report disappointed analysts while existing home sales jumped to an eight-and-a-half-year high.
Weekly mortgage applications barely moved for the second week in a row, rising just 0.8%, the Mortgage Bankers Association said.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.28% from Tuesday’s 2.25%. Treasury prices and yields move in opposite directions.
Oil prices spiked $1.27 a barrel to $49.25 U.S.
Gold prices eked up 10 cents to $1,096.30 U.S. an ounce.
