Canada's main stock index rose on Wednesday, helped by gains in shares of mining stocks as bullion prices rose on fading worries over a halt in U.S. coronavirus stimulus talks.
The TSX took flight 147.79 points to move into noon hour at 16,383.92.
The Canadian dollar recovered 0.24 cents to 75.31 cents U.S.
The largest percentage gainers on the TSX were Ballard Power, which jumped $1.41, or 6.1%, to $24.51, and Canada Goose Holdings, which rose $1.48, or 3.4%, to $45.43, after multiple brokerages hiked the price target of the stock.
Maple Leaf Foods fell 52 cents, or nearly 2%, the most on the TSX, to $25.86, after BMO cut the stock's price target. The second biggest decliner was OceanaGold, down a penny to $2.01.
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 grew 5.42 points to 711.31.
All but one of the 2 TSX subgroups were positive, as health-care soared 3.1%, consumer discretionary stocks grabbed 2.1%, and industrial stocks gained 1.3%.
Only real-estate weakened, and only 0.04% at that.
ON WALLSTREET
U.S. stocks rose on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers.
The Dow Jones Industrial Average regained ground lost in the last session, in a big way, jumping 426.39 points, or 1.5%, to break for lunch Wednesday at 28,199.15, following the roller-coaster journey of earlier in the week.
The S&P 500 re-attached 43.58 points, or 1.3%, to 3,404.53.
The NASDAQ hiked 158.32 points, or 1.4%, to 11,312.92.
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. Trump also pushed for another round of $1,200 stimulus cheques for Americans.
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 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. Boeing shares were up 2.9%.
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.
Federal Reserve Chairman Jerome Powell said Tuesday the economy needs more aggressive fiscal and monetary stimulus for an economic recovery that he said still has “a long way to go.”
Prices for the 10-Year Treasury shrank, raising yields to 0.77% from Tuesday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.07 to $39.60 U.S. a barrel.
Gold prices slumped $17.40 to $1,891.40 U.S. an ounce.
