Canada's main stock index rose on Wednesday, mirroring the positive sentiment on Wall Street as investors awaited the U.S. Federal Reserve's interest rate verdict due later in the day.
The TSX Composite Index bounced 294.26 points, or 1.2%, to break for lunch Wednesday at 25,000.73
The Canadian dollar dipped 0.16 cents to 69.77 cents U.S.
The TSX is largely flat for the year, erasing initial gains in the run-up to Trump's inauguration in January. On Tuesday, the benchmark index ended lower on Tuesday after data showed a surprise jump in domestic annual inflation.
More than the central bank's decision, the spotlight will be on policymakers' economic growth outlook amid U.S. President Donald Trump's tariffs and the resulting trade war with key partners like Canada, China and Europe.
Alimentation Couche-Tard missed third-quarter revenue estimates, hurt by sluggish demand in its convenience stores and fuel businesses amid rising inflationary pressures.
Shares in Couche-Tard galloped $2.38, or 3.6%, to $68.92.
The TSX information technology sector was the biggest gainer among sectors on Wednesday, boosted by a jump of $9.86, or 7.3%, in Shopify to $144.24.
ON BAYSTREET
The TSX Venture Exchange gained 1.03 points to 632.37.
All but two of the 12 TSX subgroups were in the green early afternoon, led by information technology, improving 2.3%, while consumer staples chugged ahead 1.8%, and energy rumbled 1.7%.
The lone laggards proved to be telecoms, down 0.9%, and health-care off 0.5%.
ON WALLSTREET
The S&P 500 rose Wednesday as investors awaited a policy announcement from the Federal Reserve later in the day.
The Dow Jones Industrials recovered 338.09 points to move into noon hour Wednesday at 41,919.40
The broader index regained 50.87 points to 5,665.53
The NASDAQ reversed its downward path and tallied 206.40 points, or 1.2%, to 17,710.52
The major averages have been on a roller-coaster ride in recent weeks, as traders navigate soft economic data and uncertainty around President Donald Trump’s tariff policy. The S&P 500 officially entered correction territory last week, and the NASDAQ is still in a correction — meaning it’s down more than 10% from its recent high.
The Fed is scheduled to deliver its latest policy decision at 2 p.m. ET. Though the Fed is widely expected to maintain a steady hand on interest rates, investors will look for whether the Fed keeps its outlook for two rate cuts this year.
They will also listen to Fed Chairman Jerome Powell for clues on how he sees the economy against a backdrop of rising tensions between the U.S. and major trade partners.
Along with its policy decision, the Fed will unveil its quarterly projections on GDP, unemployment and inflation.
Prices for the 10-year Treasury eked lower Wednesday, raising yields to 4.30% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices were higher 0.23 cents to $67.13 U.S. a barrel.
Prices for gold dropped 80 cents an ounce to $3,040 U.S.
