Equities in Canada’s largest market recovered Wednesday from the drubbing they were dealt Tuesday, as health-care and consumer stocks flexed their muscles.
The TSX popped 192.17 points, or 1.2%, to conclude Wednesday at 16,428.30.
The Canadian dollar recovered 0.31 cents to 75.37 cents U.S.
Health-care stocks were stronger, with Bausch Health Companies flowering a dollar, or 4.9%, to $21.39, while Canopy Growth gained $1.52, or 8%, to $20.59.
In consumer discretionaries, Aritzia picked up $1.06, or 6.2%, to $18.04, while Magna International jumped $3.61, or 5.6%, to $68.63.
Among energy issues, Seven Generations Energy tacked on 16 cents, or 4.3%, to $3.90, while Whitecap Resources grabbed nine cents, or 3.8%, to $2.45.
Gold stocks did not flourish so well, with Eldorado Gold down 49 cents, or 3.3%, to $14.42, while Teranga Gold slid 37 cents, or 2.9%, to $12.63.
In materials, Pan American Silver retreated $1.14, or 2.7%, to $41.89, while Agnico-Eagle Mines faded $1.24, or 1.2%, to $102.51.
On the economic slate, Western University’s IVEY School of Business said its Purchasing Managers Index declined in September to 54.3, from its August reading of 67.8, but improved from the 48.7 figure from September 2019.
The TSX Venture Exchange grew 2.97 points to 708.06.
All but two of the 12 TSX subgroups were positive, as health-care soared 4%, consumer discretionary stocks advanced 2.5%, and energy gained 2%.
The two laggards were gold and materials, each down 0.2%.
U.S. stocks rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers.
The Dow Jones Industrial Average propelled higher 530.7 points, or 1.9%, to wrap up Wednesday’s session at 28,303.46. It was the Dow’s biggest one-day gain since mid-July.
The S&P 500 regained 58.5 points, or 1.7%, to 3,419.45.
The NASDAQ hiked 209.99 points, or 1.9%, to 11,364.60.
Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus. Trump also pushed for another round of $1,200 stimulus cheques for Americans.
Shares of United Airlines gained more than 4%. Delta gained 3.5%. Airline stocks also got a boost after a JPMorgan analyst upgraded several companies in the industry.
Boeing shares were up 3.2%. Cruise operators — another group that would benefit from the economy reopening — rose broadly. Carnival jumped 5.3%. Norwegian Cruise Line advanced 4.5% and Royal Caribbean gained 2.8%.
Market sentiment also got a boost after Eli Lilly said it was looking for FDA clearance for its coronavirus antibody drug. Eli Lilly shares jumped 3.4%.
Prices for the 10-Year Treasury shrank, raising yields to 0.79% from Tuesday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices slid 68 cents to $39.99 U.S. a barrel.
Gold prices slumped $18.40 to $1,890.40 U.S. an ounce.