Canada's main stock index opened higher on Wednesday as oil rebounded from a record low in the last one year boosting energy shares, while rising gold prices pushed shares of precious metal miners up.
The S&P/TSX Composite Index rumbled higher 136.1 points to begin trading Wednesday at 15,013.10
The Canadian dollar regained 0.14 cents at 75.29 U.S.
U.S. crude inventories last week fell by 1.5 million barrels, the American Petroleum Institute said on Tuesday, easing concerns for now that a supply glut is building up.
Bombardier reportedly plans to reduce its Belfast workforce by 490. The Canadian industrial giant saw its shares rocket 13 cents, or 6.1%, to $2.26
Barclays cut the price target on George Weston to $96 from $113.00. Weston shares started out downward 15 cents to $94.17.
On the economic front, Statistics Canada reported that wholesale trade in this country declined for a second consecutive month, down 0.5% to $63.2 billion in September. Lower sales were recorded in five of seven sub-sectors, led by the machinery, equipment and supplies and the personal and household goods sub-sectors.
ON BAYSTREET
The TSX Venture Exchange regained 4.63 points to 604.14
All 12 subgroups reached higher, with health-care stronger 2.8%, while materials climbed 2%, and gold shone brighter by 1.9%.
ON WALLSTREET
Stocks traded higher on Wednesday as major technology shares rebounded from steep losses earlier this week.
The Dow Jones Industrial Average recovered 104.46 points to 24,507.10, led by gains in Boeing.
The S&P 500 recouped 15.94 points to 2,657.83, as the tech sector climbed 1%.
The NASDAQ regained 68.24 points, or 1%, to 6,977.06
Facebook shares rose more than 2%, while Amazon and Netflix also rose. Apple acquired 0.8%, and Alphabet climbed 1.5%.
These tech shares, which make up the popular "FAANG" trade, have been under pressure recently. Through Tuesday's close, they were all down more than 20% from their 52-week highs, officially in a bear market. The sharp decline in tech helped send the Dow, S&P 500 and Nasdaq all down at least 3% for the week.
In economic data, durable goods orders fell 4.4% in October, more than expected. It also marked the third decline in the past four months. Meanwhile, weekly jobless claims rose to a more than four-month high last week.
Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields to 3.07% from Tuesday’s 3.06%. Treasury prices and yields move in opposite directions
Oil prices ascended $1.16 to $54.59 U.S. a barrel.
Gold prices hiked $5.30 at $1,226.50 U.S. an ounce.
