Stocks in Canada’s biggest market climbed on Wednesday as a jump in oil prices from a fall in U.S. crude inventories helped drive up shares of energy producers.
The S&P/TSX composite index soared 185.43 points, or 1.4%, to greet noon Wednesday at 13,268.29
The Canadian dollar gained 0.31 cents to 72.15 cents U.S.
The energy sector jumped as Suncor Energy added 2.1% to $36.72, and Canadian Natural Resources advanced 3.5% to $30.00
A gain in copper prices helped support mining shares. Teck Resources Ltd shot up 9.1% to $5.52, and First Quantum Minerals rose 5.5% to $5.40.
On the economic beat, Statistics Canada reported that Gross Domestic Product was unchanged in October, after falling 0.5% in September.
Gains in mining, quarrying, and oil and gas extraction as well as the public sector were offset by declines in manufacturing, utilities and retail trade.
The agency also said retail sales edged up 0.1% in October to $43.4 billion. Sales were up in seven of 11 sub-sectors, representing 59% of retail trade.
ON BAYSTREET
The TSX Venture Exchange charged ahead 5.45 points to 507.49
All but one of the 13 TSX subgroups remained higher, led by metals and mining stocks, up 7.1%, energy, surging 4.5%, and materials, up 2%.
Consumer staples faded 0.1%.
ON WALLSTREET
U.S. stocks traded higher Wednesday, the last full trading day of the week, as investors eyed a recovery in oil prices and data releases.
The Dow Jones industrial average gathered 149.69 points to 17,566.96, with Chevron and Exxon Mobil among the top contributors to gains. 3M was also among the top advancers.
The S&P 500 gained 18.53 points to 2,057.50. Energy gained more than 3% to lead all S&P 500 sectors higher in midday trade.
The NASDAQ index jumped 35.15 points to 5,036.26
The S&P 500 attempted to join the NASDAQ in positive territory for the year so far, while the Dow Jones remained more than 1% lower year-to-date.
Freeport-McMoRan surged more than 10% to lead materials, the second-best advancer in the S&P 500. Year-to-date, the sector is down about 9%, while Freeport is down more than 65% for the year so far.
Nike reported earnings that beat but revenue that missed slightly. The athletic footwear and apparel maker's stock got a particular boost in after-hours trade from a 20% increase in future orders, a number which excludes the impact of currency fluctuations.
Durable goods orders were unchanged in November. U.S. personal income rose 0.3%.
In the 12 months through November, the personal consumption expenditures (PCE) price index was up 0.4% after rising 0.2% in October, Reuters said. Excluding food and energy, prices nudged up 0.1% after being unchanged in October. The so-called core PCE price index rose 1.3% in the 12 months through November, for the 11th straight month.
The final University of Michigan consumer sentiment survey for December was 92.6.
New home sales rose 4.3% in November to a seasonally-adjusted annual rate of 490,000 units, following a downward revision to October's sales pace to 470,000 units. The report came after Tuesday's weak existing home sales numbers.
Wednesday is the last full trading day of the week, as Thursday is a half day for the Christmas Eve holiday. Markets are closed Friday for Christmas Day.
Prices for the 10-year Treasury lost ground, raising yields to 2.27% from Tuesday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices added $1.35 a barrel to $37.49 U.S.
Gold prices skidded $2.88 to $1,069.55 U.S. an ounce.
