Equities in Canada’s largest centre gained in sync with their American cousins, led mostly by gold and mining stocks, as investors digested the growing likelihood for a rate hike in the U.S. by the Federal Reserve next month.
The S&P/TSX composite index leaped 119.58 points to finished trading Wednesday at 13,399.97
The Canadian dollar poked up 0.05 cents at 75.11 cents U.S.
Gold stocks shone brightest Wednesday, as Barrick Gold sprang to life 3.9% to $9.65, while Goldcorp climbed 4.5% to $15.90.
Metals and mining stocks were also in the green today, most notably Teck Resources, which gained 1.1% to $6.30, after announcing budget cuts, including layoffs to 9% of its workforce.
Potash Corporation of Saskatchewan popped 4% to $11.84.
Financials were also strong, as Manulife gathered 0.8% to $21.94, while TD gained 0.4%, to $54.49.
Energy stocks went south, especially Suncor, down 3.1% to $37.37, while Canadian Oil Sands declined 4.5% to $9.02.
No major economic events were released Wednesday.
ON BAYSTREET
The TSX Venture Exchange gained 1.48 points to 520.78.
All but one of the 13 TSX subgroups moved higher, with gold hiking 4%, metals and mining gaining 3.2%, and materials, up 2.8%.
Only energy faded, and 0.3% at that.
ON WALLSTREET
Equities south of the border rallied in response to the Fed minutes, which showed most of the central bank’s members believe December is the proper time to raise interest rates.
The Fed minutes – in keeping with what experts predicted – did not contain too many surprises
The Dow Jones industrial average cannonaded higher 247.66 points, or 1.4%, to conclude Wednesday at 17,737.16, Apple and Nike the chief engines of this upward momentum. Home Depot proved the biggest decliner.
The S&P 500 added 34.49 points, or 1.7%, to 2,084.93, as health-care gained more than 1%.
The NASDAQ index strengthened 92.12 points, or 1.9%, to 5,078.13.
Apple's stock rose about 2.6% to at $116.65 U.S. after Goldman predicted the company's shares will rise 43% in the next 12 months.
Qualcomm and Target proved the biggest losers on the S&P, Qualcomm failing 9% after a South Korean regulator charged it with violating competition laws.
Target, for its part, fell 4.5%, after warning it will not meet its fiscal-year forecast for online sales growth.
In corporate news, Lowe's reported better-than expected earnings per share and revenue, as same-store sales rose more 4.6%, also topping expectations.
ConAgra Foods also proved influential, amid word it plans to split into two publicly traded companies, one dealing with ConAgra's food service business, the other, consumer food brands.
Citrix Systems announced cuts of 1,000 jobs and it will also spin off its GoTo software business into a separate public company.
Fairchild Semiconductor agreed to be bought by rival ON Semiconductor for $20 U.S. a share, or $2.4 billion. Fairchild shares rocketed 8.5% to $19.40 U.S.
Economically speaking, U.S. housing starts for October fell 11%, while building permits rose 4.1%. Single-family building permits stateside rose 2.4% to their highest level since December 2007, or the eve of the previous financial crisis.
On Wednesday, the Energy Department said weekly oil inventories rose 252,000.
Prices for 10-year U.S. Treasuries hesitated, lifting yields to 2.28%, from Tuesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices advanced 14 cents a barrel to $40.81 U.S.
Gold prices gained 64 cents to $1,070.94 U.S. an ounce.
