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Strong Gain for TSX



Canada’s main stock index opened higher on Wednesday, with technology and consumer discretionary stocks leading gains, on growing bets of interest rate cuts from the U.S. Federal Reserve next year.

The TSX Composite moved up 37.74 points to get Wednesday started at 20,074.51.

The Canadian dollar slipped 0.13 cents at 73.60 cents U.S.

Health-care also shone, with Tilray taking on nine cents, or 3.8%, to $2.49.

Among techs, Bitfarms sprinted 20 cents, or 11.1%, to $2.01.

Consumer staples did not fare so well, as Alimentation Couche-Tard docked $2.52, or 3.2%, to $76.23

ON BAYSTREET

The TSX Venture Exchange slid 1.12 points to 539.12.

Seven of the 12 TSX subgroups were higher, led by health-care’s 1.6% climb, information technology, strengthening 0.8%, and financials, richer by 0.7%.

The five laggards were weighed most by consumer staples, 1.4%, gold, dulling in price 0.7%, and materials, off 0.5%.

ON WALLSTREET

Stocks rose Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month.

The Dow Jones Industrials increased 36.92 points to kick off Wednesday at 35,453.90.

The S&P 500 gathered 14.79 points to 4,569.60.

The NASDAQ hiked 55.45 points to 14,337.21.

General Motors shares popped 10.4% after the company announced a $10 billion buyback and raised its dividend. Phillips 66’s stock jumped 3.6% 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 nonresidential structures.

Prices for the 10-year Treasury jumped, lowering yields to 4.28% from Tuesday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices let go of 44 cents to $75.97 U.S. a barrel.

Gold prices brightened $2.20 to $2,042.20.



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