S&P/TSX composite up nearly 200 points Wednesday, U.S. markets also rise

TORONTO — Canada's main stock index gained almost 200 points Wednesday on broad-based strength led by base metals and industrials, while U.S. markets also rose, led by a 1.2 per cent gain on the Dow.In the middle of a quiet week for North American markets, the TSX is being pushed higher by “old economy” sectors like industrials, materials and financials, said Jules Boudreau, senior economist at Mackenzie Investment.

Markets continue to perform highly on good news days, but in the absence of news, “it seems like there’s a little bit more resistance,” said Boudreau. “In general, at quarter end, you see a rebalancing away from the asset classes that worked and towards those that lagged,” he said. In this case, that’s away from stocks and toward bonds.

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