Baystreet.ca - Canada's main stock index edged up on Wednesday, supported by gains in technology and consumer discretionary stocks, while investors awaited the minutes of the Federal Reserve's last policy meeting.
The TSX Composite Index hiked 99.47 points to pause for lunch Wednesday at 24,171.98
The Canadian dollar shed 0.15 cents to 73.09 cents U.S.
Investors are pricing in 85.4% chance for a 25-basis-point cut at the Fed's November meeting, and there are also slim bets for the central bank to hold rates.
In corporate news, Japan's Seven & I Holdings received a revised takeover bid of around $47 billion from Alimentation Couche-Tard, compared with $38.5 billion earlier. Shares in Couche-Tard fell 40 cents to $74.00.
ON BAYSTREET
The TSX Venture Exchange inched forward 2.93 points to 590.54.
All but two of the 12 TSX subgroups were positive midday, with information technology soaring 1.4%, consumer discretionary stocks better by 1%, and real-estate up 0.5%.
The two laggards were gold, sinking 0.5%, and energy, down 0.1%.
ON WALLSTREET
Stocks rose for a second day Wednesday, with the S&P 500 jumping to a new record, as technology stocks powered higher and investors shook off geopolitical concerns.
The Dow Jones Industrials hiked 397.79 points, or 1%, to 42,478.16.
The much-broader index jumped 38.73 points to 5,789.86.
The NASDAQ Composite regained 115.19 points to 18,298.10.
Technology stocks spearheaded the rally, with Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) last up 1% each. Super Micro Computer rallied 7%. Wednesday’s gains helped correct a bumpy start to October, pushing the major averages into positive territory for the month.
U.S.-listed China stocks struggled as investors took profits from the recent stimulus-fueled rally. Elsewhere, Boeing (NYSE:BA) lost 3% after union negotiations ended without a deal and the company pulled its contract offer.
On the economic front, investors are anticipating the latest meeting minutes from the Fed on Wednesday, due at 2 p.m. ET. The September consumer price index is to be released Thursday and producer price index reading is due out Friday.
Earnings season kicks off Friday with the big banks JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC).
Prices for the 10-year Treasury lost ground, raising yields 4.05% from Tuesday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices dipped 26 cents to $73.31 U.S. a barrel.
Gold prices fell back $2.50 to $2,632.90 U.S. an ounce