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Stocks Climb out of Tuesday Rubble

Equities in Toronto opened empathically higher on Wednesday, helped by rate-sensitive technology stocks as the index rebounded from a broad selloff in the previous session driven by hotter-than-expected U.S. inflation data.

The TSX Composite rebounded 186.7 points to open Wednesday at 20,771,67.

The Canadian dollar resurfaced 0.11 cents at 73.82 cents U.S.

Investors will also monitor corporate earnings in Canada with Manulife Financial and gold miners like Dundee Precious Metals and Kinross Gold among others set to report their quarterly results after the bell on Wednesday.

Manulife leaped 29 cents, or 1%, to $30.42. Dundee shares gave back 15 cents, or 1.9%, to $7.84. Kinross shares dipped three cents to $6.69.

In corporate news, miner Barrick Gold beat analysts’ estimates for fourth-quarter profit, helped by robust gold production and higher prices. Barrick shares handed over 36 cents, or 1.9%, to $18.82.


The TSX Venture Exchange battled back, gaining 5.35 points, or 1%, to 542.55.

All but two 12 subgroups were in the green, energy and financials up 1.4% each, while consumer discretionary stocks climbed 1.1%.

Gold lost 0.9%, while materials retreated 0.4%.


U.S. stock futures nudged higher Wednesday after the Dow Jones Industrial Average posted its biggest decline since March 2023.

The blue-chip index rocketed 117.43 points to open the mid-week session at 38,390.18.

The S&P 500 index began its climb back toward the 5,000 mark, taking on 36.43 points to 4,989.85.

The NASDAQ index hiked 152.43 points, or 1%, to 15,808.03.

Lyft shares jumped $4.51, or 37%, to $16.64, in the first hour the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped more than $7.07, or 4.7%, to $143.76, even as the company beat on revenue expectations in its latest quarter.

Prices for the 10-year Treasury picked up, lowering yields to 4.29% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.

Oil prices eked higher 40 cents to $78.27 U.S. a barrel.

Gold prices sank $8.40 to $1,998.80.

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