Baystreet.ca - Canada's main stock index rebounded by noon EST on Wednesday, after a sharp decline in mining shares weighed on market sentiment following the reelection of Republican Donald Trump as U.S. president.
The TSX gained 81.03 points midday Wednesday at 24,468.93.
The Canadian dollar slid 0.51 cents to 71.78 cents U.S.
Trump won the election after defeating Vice President Kamala Harris, making a comeback after being voted out of the White House in 2020.The win will potentially impact the global economy and markets, especially Canada, the United States' biggest trading partner.
In corporate news, Bitfarms climbed 42 cents, or 16.6%, to $2.95, following a boost to crypto stocks after the election results.
Financials, which has the biggest weighting on the index, added 0.9%. The sector benefited from IA Financial, whose shares rose $16.13, or 14%, to $131.14, after it beat third-quarter profit estimates.
On the economic scale, the IVEY PMI registered at 52 in October, down from the 53.1 figure in September. and was below the 53.4 number for October 2023.
ON BAYSTREET
The TSX Venture Exchange lost 4.2 points to 599.52.
Seven of the 12 TSX subgroups were negative by noon EST Wednesday, with health-care giving back 3.6%, while gold and materials each dumped 2.2%.
The five gainers were led by information technology, up 1.9%, energy, improving 1.1%, and financials, better by 1%
ON WALLSTREET
Stocks rallied sharply on Wednesday, with major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.
The Dow Jones Industrials popped 1,355.41 points, or 3.2%, to 43,577.29. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022
The S&P 500 index surged 123.63 points, or 2.1%, to 5,906.39.
The NASDAQ gathered 444.14 points, or 2.4%, to 18,883.31. All three hit record highs.
News outlets projected that Trump defeated his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia
Investments seen as beneficiaries under a Trump presidency erupted as the former president appeared set to claim victory. Tesla (NASDAQ:TSLA), whose CEO Elon Musk is a prominent backer of Trump, saw shares surge 13%. Bank shares got a boost with JPMorgan Chase (NYSE:JPM) climbing 10% and Wells Fargo (NYSE:WFC) jumping 13%.
Shares of Trump Media & Technology Group, a social media company closely tied to Trump, was last up 4.5% in volatile trading.
Prices for the 10-year Treasury tumbled, lifting yields to 4.46% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped nine cents to $71.90 U.S. a barrel.
Prices for gold stumbled $74.80 an ounce to $2,674.90 U.S.
Dow Hits Record on Election Results