Markets in Canada’s largest centre opened higher on Wednesday, recovering from its worst day in two weeks in the previous session, helped by gains in the shares of precious metal miners.
The TSX regrouped 132.44 points to begin trading Wednesday at 16,368.57.
The Canadian dollar recovered 0.24 cents to 75.30 cents U.S.
Canaccord Genuity raised the target price on Autocanada Inc. to $22.00 from $18.00. Autocanada shares were unchanged in price at $19.34.
National Bank of Canada raised the price target on TFI International to $68.00 from $66.00. TFI shares hiked $1.06, or 1.8%, to $61.20.
ATB Capital Markets cut the price target on Valens Company to $5.30 from $6.50. Valens edged up a penny to $1.58.
On the economic slate, Western University’s IVEY School of Business said its Purchasing Managers Index declined in September to 54.3, from its August reading of 67.8, but improved from the 48.7 figure from September 2019.
ON BAYSTREET
The TSX Venture Exchange restocked 4.59 points to 710.48.
All 12 TSX subgroups were positive, as health-care soared 1.9%, consumer discretionary stocks grabbed 1.1%, and financial stocks gained 1%.
ON WALLSTREET
U.S. stocks rose on Wednesday, recovering most of from Tuesday’s slide, after President Donald Trump tweeted support for aid to airlines and other stimulus measures.
The Dow Jones Industrial Average regained 331 points, or 1.2%, to start trading Wednesday at 28,031, following the roller-coaster journey of earlier in the week.
The S&P 500 re-attached 40.25 points, or 1.2%, to 3,393.50.
The NASDAQ hiked 156.75 points, or 1.4%, to 11,430.50.
It was unclear whether this meant Trump was walking back his halt of stimulus talks with Democrats, a move which knocked the Dow Jones Industrial average down by more than 300 points on Tuesday.
Shares of Amazon, Apple and Netflix — companies that would do well without further stimulus — led the way higher. Amazon and Apple were up more than 1% each. Netflix gained 2.2%.
President Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus.
Shares of United Airlines gained more than 3%. Delta gained 2.5%. Airline stocks also got a boost after a JPMorgan analyst upgraded several companies in the industry.
Trump also urged Congress in a tweet to approve $1,200 stimulus cheques for Americans.
Some on Wall Street speculated Trump’s move was a mere negotiating tactic, while others hypothesized the president truly doesn’t think the economy needs another $2 trillion in fiscal spending.
The Federal Open Market Committee will publish its meeting minutes from its September meeting at 2 p.m. ET on Wednesday. The FOMC made no action on interest rates in September, leaving them near zero.
Prices for the 10-Year Treasury shrank, raising yields to 0.78% from Tuesday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.03 to $39.64 U.S. a barrel.
Gold prices slumped $20.90 to $1,887.90 U.S. an ounce.
