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Health-care, Financials Lead TSX Higher


Canada’s main stock index advanced on Wednesday, as technology stocks gained on growing bets the U.S. Federal Reserve would cut interest rates next year, while energy stocks rose tracking higher crude oil prices.

The TSX Composite gained 51.16 points to break for lunch Wednesday at 20,087.93.

The Canadian dollar slipped 0.21 cents at 73.52 cents U.S.

Among individual stocks, Alimentation Couche-Tard fell $3.03, or 3.9%, to $75.72 after the convenience store operator reported lower second-quarter revenue.

ON BAYSTREET

The TSX Venture Exchange slid 2.27 points to 537.97.

The 12 TSX subgroups were evenly divided, as health-care progressed 1.1%, financials were up 0.9%, and industrials inched up 0.3%.

The half-dozen laggards were weighed most by consumer staples skidding 1.2%, communications were off 0.5%, and materials dipped 0.4%.

ON WALLSTREET

Stocks gained on Wednesday, keeping the major averages on track for a sizeable jump in November.

The Dow Jones Industrials was still positive 62.57 points to observe noon EST Wednesday at 35,479.55.

The S&P 500 gathered 9.15 points to 4,564.04.

The NASDAQ picked up 20.45 points to 14,302.21.

General Motors shares popped about 9.3% after the company announced a $10-billion buyback and raised its dividend, and NetApp soared 15% on an earnings beat. Phillips 66’s stock jumped 3.8% after Elliott Investment Management took a $1-billion stake in the energy company.

Data released Wednesday showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in non-residential structures.

Prices for the 10-year Treasury jumped, lowering yields to 4.29% from Tuesday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.12 to $75.53 U.S. a barrel.

Gold prices brightened $3.60 to $2,043.60.



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