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Stocks Sail Wednesday



Equities in Canada’s biggest market recovered in a big way Wednesday from the gulch of Tuesday’s close, as tech and industrials lent some muscle.

The TSX Composite popped 304.43 points, or 1.5%, to conclude Wednesday at 20,889.40.

The Canadian dollar resurfaced 0.13 cents at 73.84 cents U.S.

In the tech sector, HUT 8 Mining vaulted $2.24, or 19.4%, to $13.81, while Bitfarms hurtled 63 cents, or 15.5%, to $4.70.

Industrials prospered with Toromont Industries up $6.37, or 5.4%, to $123.70, while Bombardier took on $2.91, or 6.2%, to $50.03.

In consumer staples, Alimentation Couche-Tard collected $3.65, or 4.5%, to $84.29, while Metro jumped $1.92, or 2.8%, to $70.02.

Energy stocks dawdled as Whitecap Resources scuttled 20 cents, or 2.3%, to $8.40, while Precision Drilling dropped $1.40, or 1.7%, to $81.65.

Gold stocks fell, as Sandstorm Gold lost a dime, or 1.8%, to $5.37, while New Gold ditched seven cents, or 4.4%, to $1.54.

ON BAYSTREET

The TSX Venture Exchange recouped 11.03 points, or 2.1%, to 548.23.

All but two 12 subgroups finished in the green, with information technology stocks higher by 2.8%, while industrials gaining 2.3%, and consumer staples stronger 2.2%.

The two laggards were energy, down 0.3%, and gold, off 0.2%.

ON WALLSTREET

The S&P 500 rose Wednesday as Wall Street clawed back some of the steep losses suffered in the previous session.

The Dow Jones Industrials surged 150.8 points at 38,423.55.

The S&P 500 index took on 47.36 points, or 1%, to 5,000.53.

The NASDAQ index jumped 203.55 points, or 1.3%, to 15,859.15.

Lyft shares jumped 36% after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped 1% even as the company beat on revenue expectations in its latest quarter.

Shares of Nvidia nudged 1% higher, sending the chipmaker’s market capitalization briefly above that of fellow “Magnificent 7” member Alphabet’s. This follows Nvidia’s 2% slide on Tuesday after rising Treasury yields sunk technology stocks.

Prices for the 10-year Treasury picked up, lowering yields to 4.27% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.

Oil prices sank $1.22 to $76.65 U.S. a barrel.

Gold prices sank $3.50 to $2,003.7



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