Canada's main stock index acquired upward momentum on Wednesday as gains in energy companies offset losses stemming from renewed fears of a recession.
The S&P/TSX Composite muscled higher 78.24 points to greet noon at 16,261.83
The Canadian dollar dropped 0.08 cents to 75.2 cents U.S.
The largest percentage gainers on the TSX were MAG Silver, which jumped 4.5% and Crescent Point Energy , which rose 4.4%.
Cronos Group fell 2.9%, the most on the TSX. The second biggest decliner was CannTrust Holdings, down 2.6%.
ON BAYSTREET
The TSX Venture Exchange dipped 1.14 points to 582.50
All but three of the 12 Toronto subgroups stayed positive, with energy soaring 2.1%, financials better by 0.7%, and health-care haler 0.6%
The three laggards were weighed by information technology, subsiding 0.5%, while gold and materials each let go of 0.2%.
ON WALLSTREET
Stocks rose on Wednesday as the energy sector got a lift from higher oil prices, but the gains were capped with a key part of the U.S. yield curve inverting even further, exacerbating fears of an impending recession.
The Dow Jones Industrial Average took off for the sky, adding 210.38 points by noon hour ET to 25,988.78. Chevron and Exxon Mobil were among the best-performing stocks in the Dow, rising 1% each.
The S&P 500 grew 15.27 points to 2,884.43, led by an 8% surge in Cimarex Energy, as U.S. crude prices surged more than 2%. Oil jumped after the Energy Information Administration said U.S. crude inventories plummeted by 10 million barrels last week.
The NASDAQ recovered 27.24 points to 7,854.19,
The closely watched spread between the 10-year Treasury yield and the two-year rate briefly fell to negative six basis points Wednesday. The move extended losses from the previous session when the spread registered its lowest level since 2007.
A 10-year rate below the two-year yield is viewed by fixed income traders as an important recession prognosticator, marking an unusual phenomenon as bondholders receive better compensation in the short term.
Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 1.46% from Tuesday’s 1.48%. Treasury prices and yields move in opposite directions
Oil prices gained $1.08 to $56.01 U.S. a barrel.
Gold prices subtracted $5.30 to $1,546.50 U.S. an ounce.
