Canada's main stock index climbed to a record high on Wednesday, with commodity-linked stocks leading the gains, as growing confidence in an imminent interest-rate cut from the U.S. Federal Reserve fueled market sentiment.
The TSX prospered 193.01 points, to reach noon EST Wednesday at 31,093.66.
The Canadian dollar poked ahead 0.26 cents to 71.17 cents U.S.
In corporate updates, at least three brokerages raised target price on Alimentation Couche-Tard following the convenience store operator's second-quarter profit beat.
Couche-Tard stock jumped $1.85, or 2.5%, by noon to $76.26.
ON BAYSTREET
The TSX Venture Exchange bounced 10.82 points, or 1,2%, to 903.08.
All but one of the 12 TSX subgroups enjoyed gains, led by gold, up 2.8%, materials, ahead 2.3%, and consumer staples, up 0.7%.
Only utilities failed to break even, losing 0.2%.
ON WALLSTREET
Stocks rose on Wednesday, putting the major averages on pace for their fourth straight day of gains ahead of the Thanksgiving holiday.
The Dow Jones Industrials index popped 411.64 points to 47,524.09.
The S&P 500 index hiked 64.14 points, or 1%, to 6,830.02.
The NASDAQ sprang 247.47 points, or 1.1%, to 23,273.06.
The broader market’s gains were bolstered by artificial intelligence player Oracle, which jumped 4%. Nvidia shares moved up 1%, recovering from a recent pullback, while fellow “Magnificent Seven” member Microsoft also traded 1% higher.
Stocks are coming off a winning session despite volatile trading. The 30-stock Dow gained more than 660 points and logged a third consecutive positive day.
Several tech stocks also climbed higher to lift the broader market. Alphabet hit fresh record highs on a report that Meta Platforms is considering using the Google parent’s TPU chips in 2027. Chipmaker Nvidia shed more than 2.5%, meanwhile.
Treasury Secretary Scott Bessent told reporters Tuesday that there’s a “very good chance” that Trump will “make an announcement before Christmas” on who will be the next Fed chair.
While he said he was interviewing candidates, expectations are shifting toward White House National Economic Council Director Kevin Hassett, after Bloomberg reported he had emerged as a frontrunner for the job. Hassett is viewed as someone more likely to push for lower rates.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Prices for the 10-year Treasury eased, raising yields to 4.01% from Tuesday’s 4%. Treasury prices and yields move in opposite directions.
Oil prices eked higher six cents to $58.01 U.S. a barrel.
Gold prices grabbed $19.40 to $4,159.40 U.S. an ounce.
