BofC leaves rates alone
Equity markets in
The S&P/TSX composite index leaped 145.02 points, or nearly 1%, to close at 15,226.34.
The Canadian dollar forged ahead
The index is up nearly 12% this year, but some investors are worried about valuations getting extended and the likelihood of a possible correction.
Financials added strength as Bank of Nova Scotia gained 0.6% to
Shares of energy producers reflected a rise in the price of U.S. crude oil. Suncor Energy surged 1.2% to
The gold-mining sector rebounded with the bullion price after sharp declines in the previous two sessions. Goldcorp advanced 1.4% to
Barrick also let the word get out that Chief Executive Officer
BlackBerry shares tumbled 11.7%, to
Back home, the Bank of
Elsewhere on the economic front, Statistics Canada reported this morning that manufacturing sales rose 1.6% to
All but one of the 14 Toronto subgroups were higher, with gold up 1.7%, global base metals advancing 1.5%, and telecoms improving 1.4%,
The lone laggard was information technology, down 2%.
Worries over possible bubbles in biotech and social media stocks quickly faded, sending stocks to record highs on Wednesday.
The Dow Jones Industrials moved forward 77.52 points to yet another all-time high of 17,138.20 by the close of business Wednesday.
The S&P 500 surged 8.29 points to 1,981.57, and the NASDAQ composite took on 9.58 points to 4,425.97
The S&P 500 also flirted with its 26th record close of the year. The broad index would have to finish above 1,985 for that to happen and earlier it was just a few points away.
Time Warner shares surged 18% to 13-year highs after the owner of HBO and CNNMoney confirmed it received and rejected a takeover offer from Murdoch's 21st Century Fox.
Shares of 21st Century Fox, which also owns
In the meantime, the Time Warner bid drove up prices of other media stocks, including Discovery Communication, Viacom, CBS, Comcast,
In the tech world, shares of both IBM and Apple floated higher after they announced they would join forces to offer iPhones and iPads pre-loaded with special software developed by IBM. The alliance drove down shares of BlackBerry by 9%.
Earnings continue to impress largely. Intel Corp popped 8% after the chip maker posted earnings that beat expectations and announced plans to boost its share repurchase program by
Unlike many of its rivals, Bank of America Corp fell 2% after reporting a big drop in second-quarter earnings. While its profits exceeded expectations, BofA disclosed a
Speaking of bank headaches, PNC dropped 3.5% after reporting a slight drop in profits and revenue.
Over in the tech world, Yahoo slid 5% in the wake of reporting second quarter revenue and profits that missed forecasts.
After the closing bell, e-commerce giant eBay Inc and
Investors focused on a number of positives, including stronger growth in
The world's second biggest economy grew by 7.5% compared with the same period last year, despite continued worries about a slowdown in real estate. It was the first time the economy has accelerated in three quarters, putting
Prices for 10-year U.S. Treasuries regained some strength, lowering yields to 2.54% from Tuesday's 2.55%. Treasury prices and yields move in opposite directions.
Oil prices gained
Gold prices added
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