Canada's main stock market, the Toronto Stock Exchange, made it a hat trick of wins on Wednesday -- setting it up to possibly repeat the feat achieved over the first week of 2021, when it rose each day and hit record intra day and closing highs. Last week was a much more mixed one.
Today, the resources heavy index, buoyed by higher commodity prices, gained 57.5 points, adding to the near 50 points gained over the prior two days combined, in taking the TSX to 18,014.91.
Canada stock sentiment was probably also lifted along with buying on Wall Street, which rallied into record high territory, supported by stimulus expectations, low rates, growth optimism for the medium term, upbeat earnings and the peaceful transition of power to President Biden.
Among sectors on the TSX, Materials gained 1.4%. But both the Energy and Financial sectors were slightly lower.
BNN TV cited Titan Medical (TMD.TO, TMDI) as one of the day's big gainers, rising more than 50% and hitting fresh 52 week highs on the TSX.
Of commodities, gold edged up on Wednesday as the U.S. dollar weakened as the incoming Biden Administration is expected to launch a US$1.9 trillion stimulus package to spur an economic recovery from the pandemic. Gold for February delivery settled up $26.30 to US$1,866.50 per ounce, Marketwatch reported.
Meanwhile, West Texas Intermediate crude oil prices rose as the already mentioned U.S. economic stimulus package could boost demand. In its final day as the active contract, West Texas Intermediate crude for February delivery expired up $0.26 to US$53.24 per barrel, while March WTI rose $0.33 to US$53.31, Marketwatch reported. March Brent crude, the global benchmark, was last seen up $0.18 to US$56.08 while Western Canada Select was up $0.27 to US$39.52 per barrel.