Stocks Gain Back Lost Ground



Canada’s main stock index climbed on Wednesday, boosted by materials and financial stocks, while investors awaited more clues on the interest rate cut trajectory of the Federal Reserve for the year.

The TSX Composite marched ahead 67.61 points to Wednesday to 22,142.71.

The Canadian dollar piled on 0.19 cents at 73.90 cents U.S.

Wood products firm West Fraser Timber and Mercer announced the dissolution of Caribo Pulp and Paper joint venture, with West Fraser to continue as sole owner/operator of the mill. West Fraser shares stumbled $1.41, or 1.2%, to $113.83.

Shares of WSP Global fell $13.27, or 6%, to $207.17 after short-seller Spruce Point Capital Management shorted the company.

Lightspeed Commerce shares gained 93 cents, or 4.9%, to $19.79, after the payments company announced 2,800 job cuts, looking to turn profitable.

ON BAYSTREET

The TSX Venture Exchange galloped 9.22 points, or 1.6%, to begin Wednesday at 579.74.

Eight of the 12 TSX subgroups moved ahead, with materials and health-care each surging 0.8%, while gold brightened 0.6%.

The four laggards were weighed most by consumer discretionary stocks, down 1%, while communications doffed 0.2%, and utilities eased 0.1%.

ON WALLSTREET

Stocks rose on Wednesday as Wall Street attempts to move past the downward momentum felt at the start of the second quarter.

The Dow Jones Industrials regained 106.52 points to 39,276.76.

The S&P 500 hiked 20.12 points to 5,225.93.

The NASDAQ recovered 74.93 points to 16,315.38.

Artificial intelligence darling Nvidia swung into the green in Wednesday morning trading, helping broader market sentiment. Fellow mega-cap technology stocks Netflix and Meta climbed more than 1% each.

But higher rates still weighed on the market as they have since the second quarter began this week. ADP data released Wednesday showing private payrolls grew more than expected in March, offering another sign of resiliency in the economy as investors grow increasingly concerned about the path of interest rate cuts from the Federal Reserve.

Prices for the 10-year Treasury faded, hiking yields to 4.39% from Tuesday’s 4.38%. Treasury prices and yields move in opposite directions.

Oil prices soared 59 cents at $85.74 U.S. a barrel.

Gold prices spiked $21.90 to $2,303.70 U.S. an ounce.



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