TSX Keeps Streak Going

Stocks in Canada’s largest centre maintained their early-June momentum on Wednesday, propelled largely by real-estate and financial gains.

The S&P/TSX Composite Index jumped 180.75 points, or 1.2%, to conclude Wednesday at 15,575.11

The Canadian dollar progressed 0.17 cents at 74.09 cents U.S.

Real-estate stocks were kings of the hill Wednesday, as Colliers International leaped $8.93, or 12.1%, to $82.93, while Tricon Capital picked up 64 cents, or 7.6%, to $9.06.

Among financials, Equitable Group perked $6.62, or 9.9%, to $73.41, while Home Capital Group hiked $1.72, or 8.9%, to $21.13.

Industrials also performed well, as Air Canada soared $1.66, or 9.9%, to $18.35, while Chorus Aviation picked up 30 cents, or 10%, to $3.30.

Golds, however, lost some of their luster, as Centerra Gold dropped 91 cents, or 6.8%, to $12.48.

In materials, Agnico Eagle Mines slid $5.45, or 6.5%, to $78.61, while MAG Silver dipped $1.03, or 6%, to $16.15.

The Bank of Canada did as expected, holding its trendsetting rate at 0.25%. The Bank Rate is correspondingly 0.5% and the deposit rate is 0.25%

ON BAYSTREET

The TSX Venture Exchange faded two points on the day to 557.78.

All but two of the 12 TSX subgroups were positive on the day, with real-estate roaring ahead 4%, while financials zoomed 3.5%, and industrials muscled up 2.3%.

The two laggards were gold, down 3.6%, and materials, off 2.5%.

ON WALLSTREET

Stocks rose sharply on Wednesday on the back of better-than-expected economic data, which bolstered optimism over the recovery from coronavirus-led shutdowns.

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The Dow Jones Industrials leaped 527.72 points, or 2.1%, to close Wednesday at 26,269.89. Wednesday’s gain put the Dow on pace for its third consecutive gain.

The S&P 500 added 42.05 points, or 1.4% to 3,122.87. Wednesday’s gains led the Dow to a three-day winning streak while the S&P 500 notched its first four-day winning streak since early February.

Data compiled by LPL Financial showed the S&P 500 posted its largest 50-day rally in history. The data also showed stocks were higher 100% of the time six and 12 months after the previous largest rallies on record.

The NASDAQ Composite gained 74.54 points to 9,682.91.

Stocks poised to benefit from the economy reopening rose broadly on Wednesday. American, Delta and United Airlines all gained more than 5.6%. JPMorgan Chase, Wells Fargo and Bank of America also climbed at least 4.6% each.

Meanwhile, shares of companies that surged during stricter stay-at-home orders lagged. Amazon rose just 0.2% and Netflix slid 1.3%. Shopify dropped 2.4%.

Market sentiment was also lifted after ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75-million estimate.

The reason for the wide disparity was not immediately clear. Data from the Institute for Supply Management showed the U.S. services sector contracted less than expected, rebounding from an 11-year trough.

Prices for the 10-Year Treasury plummeted, raising yields to 0.75% from Tuesday’s 0.68%. Treasury prices and yields move in opposite directions.

Oil prices tailed off nine cents to $36.72 U.S. a barrel.

Gold prices fell $33.80 to $1,700.20 U.S. an ounce.