Baystreet.ca - Canada's main stock index jumped to its monthly high on Wednesday as soft U.S. jobs market data pushed bond yields down, while investors awaited the minutes from the Federal Reserve's last policy meeting for its monetary policy outlook.
The TSX Composite Index popped 231.72 points, or 1.1%, to move into Wednesday afternoon at 22,185.52.
The Canadian dollar took on 0.26 cents to 73.37 cents U.S.
In corporate news, Lundin Mining (TSX:LUN) said it completed the transaction to increase its ownership in the Chile-based Caserones copper-molybdenum mine to 70%. Shares in Lundin shares rocketed 93 cents, or 6.2%, to $15.89.
Elsewhere, Open Text (TSX:OTEX) shares surged 41 cents, or 1%, to $42.30, after the company announced a business optimization plan expected to result in the reduction of nearly 1,200 positions.
On the economic stage, Statistics Canada said in May, Canada's merchandise exports decreased 2.6%, while imports were down 1.6%. As a result, Canada's merchandise trade deficit with the world widened from $1.3 billion in April to $1.9 billion in May. This represents a third consecutive monthly deficit.
ON BAYSTREET
The TSX Venture Exchange restored 10.27 points, or 1.8%, to 577.03 shortly after 12 noon EDT.
All 12 TSX subgroups were in the green, as gold strengthened 3.5%, materials flew 3.4%, and health-care rocketed 1.5%.
ON WALLSTREET
The S&P 500 ticked higher in Wednesday’s shortened trading session as investors appeared to look past sluggish economic data.
The Dow Jones Industrials deleted 23.85 points to close Wednesday at 39,308, dragged down by a drop of more than 1.5% in UnitedHealth (NYSE:UNH).
The much-broader index claimed 28.01 points to 5,537.02.
The NASDAQ charged ahead 159.54 points to 18,188.30, as mega-cap technology names like Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA) rallied.
Both S&P and NASDAQ touched fresh all-time highs in the session and were on pace for record closes.
Trading volume was muted Wednesday with the New York Stock Exchange closing early at 1 p.m. ET. The exchange will be shut on Thursday for Independence Day.
After Wednesday’s early closing bell, traders will watch for minutes from the June Federal Open Market Committee meeting expected at 2 p.m. ET.
Artificial intelligence darling Nvidia jumped around 3.5%, also helping the tech-heavy NASDAQ outperform.
Prices for the 10-year Treasury gained lots of ground, lowering yields to 4.35% from Tuesday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices regained 32 cents at $83.13 U.S. a barrel.
Gold prices strengthened $33.20 to $2,366.60