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N.A. Markets Treat Investors to Sharp Gains

·2 min read


Canada's main stock index rose sharply on Wednesday, with technology stocks leading gains, after data showed a slower-than-expected rise in U.S. inflation last month.

The TSX kept chugging by Wednesday noon EDT, rising 258.77 points, or 1.3%, to 19,837.07.

The Canadian dollar hiked 0.68 cents to 78.28 cents U.S.

Converge Technology Solutions surged $1.09, or 18.5%, to $6.98, to lead gains.

ON BAYSTREET

The TSX Venture Exchange revived 7.85 points, or 1.2%, to 671.68.

All 12 TSX subgroups were in the green midday, with information technology soaring 3.6%, health-care popping 2.6%, and consumer discretionary stocks spiking 2.1%.

ON WALLSTREET

Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.

The Dow Jones Industrials climbed 528.99 points, or 1.6%, to 33,303.40

The S&P 500 rocketed 83.66 points, or 2%, to 4,206.13.

The NASDAQ Composite sprang up 322.24 points, or 2.7%, to 12,826.17.

Read:

Major tech stocks were outpacing the broader market on Wednesday, with Facebook-parent Meta rising 5.7% and Netflix gaining more than 4%. Salesforce was the best performer in the Dow, rising 3.6%.

Earnings season also continues, with Disney’s quarterly results due after the bell.

The headline consumer price index for July rose 8.5% year over year, and was flat compared to June. Economists surveyed by Dow Jones were expecting increases of 8.7% and 0.2%, respectively.

Core inflation, which strips out volatile food and energy prices, also saw a smaller-than-expected increase.

The Federal Reserve will weigh the report, along with other key economic data, ahead of its September meeting where it is slated to hike interest rates again.

Treasury prices eked higher, lowering yields to 2.77% from Tuesday’s 2.78%. Treasury prices and yields move in opposite directions.

Oil prices lost 34 cents to $90.15 U.S. a barrel.

Gold prices recovered $2.10 to $1,814.40 U.S. an ounce.