Positive vibes for the TSX

Stocks in the nation’s largest market rose on Wednesday as tech issues led the way.

The TSX Composite gained 62.25 points to close at 20,282.26 on Wednesday.

The Canadian dollar gained 0.06 cents to 74.88 cents

Converge Technology Solutions rose 90 cents, or 22.6%, to $4.89, Sylogist Ltd. while technology stocks led the gainers, up 38 cents, or 8.7%, to $4.76.

In gold stocks, NovaGold rose 25 cents, or 3.3%, to $7.76, while Torex Gold Resources rose 53 cents, or 4.6%, to $12.04.

Utilities also shone, with Innergex Renewable Energy gaining 68 cents, or 4.3%, to $16.42 and Boralex up $1.13, or 3.1%, to $37.81.

Energy stocks didn’t fare as well, with Baytex Energy down 16 cents, or 2.3%, to $6.77 and Parex Resources down 42 cents, or 2.2%, to $19.07.

In consumer stocks, Restaurant Brands fell $1.75, or 1.9%, to $58.84, while Magna International lost 55 cents to $82.16.

Primo Water rose 59 cents, or 2.9%, to $20.05, while Alimentation Couche-Tard fell $1.26, or 2.1%, to $60.20.

ON BAYSTREET

The TSX Venture Exchange was up 0.37 points at 576.75.

Seven of the 12 TSX subgroups were higher at the closing bell, with information technology up 2.2% and gold and utilities each up 0.9%.

The five laggards were held by information technology with a 1.3% decline, consumer durables fell 0.4% and consumer staples lost 0.3%.

ON WALLSTREET

US stocks rose on Wednesday as Federal Reserve meeting minutes showed the central bank wants to introduce smaller interest rate hikes in the coming months as inflation cools.

The Dow Jones Industrials rose 95.96 points to end Wednesday at 34,194.06.

The S&P 500 index increased by 23.68 points and reached 4,027.26 points.

The NASDAQ rose 110.91 points, or 1%, to 11,285.32.

Shares of Nordstrom fell 4.2% after the department store chain confirmed its forecast. However, according to Refinitiv consensus expectations, Nordstrom beat profit and sales expectations in its latest results. Tesla rose 7.8% after Citi upgraded the stock to neutral from sell. Deere rose more than 5% with earnings growth.

Minutes from the Fed’s November meeting showed the central bank is making progress in tackling high inflation and wants to slow the pace of interest rate hikes, meaning smaller ones by the end of this year and into 2023.

Jobless claims data came in at a higher-than-expected 240,000 in the week of Nov. 19, when economists had expected 225,000, signaling that the labor market may be weakening. Meanwhile, durable goods orders for October were stronger than expected, up 0.5%, up 1%.

In early November, the central bank approved a fourth consecutive rate hike of 0.75 percentage points, taking it to the highest level since 2008. Economists are predicting a half-percentage-point increase in December and smaller rate hikes next year.

Markets will be closed for the Thanksgiving holiday on Thursday and close early on Friday.

10-year Treasury yields fell to 3.70% from 3.76% on Tuesday, gaining ground. Treasury prices and yields move in opposite directions.

One barrel of oil fell by $3.48 to $77.47.

The price of one ounce of gold increased by $10.60 to $1,750.50.