TSX Shoots Higher into Record Territory

Equities in Canada’s largest centre climbed sharply Wednesday afternoon, amid word the lengthy government shutdown in the United States may be nearing an end.The TSX popped 418.33 points, or 1.4%, to move into Wednesday afternoon at 30,827.58.The Canadian dollar regained 0.06 cents to 71.41 cents U.S. In materials, Orla Mining's profit beat estimates for the third quarter and music streamer Stingray Group's second quarter revenue also beat estimates. Orla stock climbed $2.02 or 13.6%, to $16.84.Elsewhere, Discovery Silver hiked 52 cents, or 8.4%, to $6.73. Elsewhere, Loblaw raised its annual profit forecast after beating third-quarter profit estimates. Shares were up $2.09, or 3.7%, to $58.62.Hudbay Minerals missed third-quarter estimates for profit and revenue. Shares gained 55 cents, or 2.6%, to $23.83. Gold performed well, too, with Equinox Gold hiking $1.06, or 6.1%, to $18.40, while Aya Gold & Silver shone 85 cents brighter, or 5.6%, to $15.96. Consumer staples also had a good day, with George Weston triumphing $3.40, or 3.9%, to $89.68, while Metro grabbed $2.93, or 3.1%, to $97.05. In telecoms, BCE skidded 89 cents, or 2.7%, to $31.90, while TELUS Corp. dipped 14 cents to $20.55. On the economic calendar, Statistics Canada reports that in September, the total value of building permits issued in Canada increased $504.8 million (+4.5%) to $11.7 billion.ON BAYSTREET The TSX Venture Exchange hiked 13.1 points, or 1.5%. to 918.92.All but one of the 12 TSX subgroups gained ground, gold ahead 3.7%, materials vaulting 3.5%, and consumer staples up 2.6%. Only telecoms missed the party, off 0.2%. ON WALLSTREET The Dow Jones Industrial Average notched its first record close above 48,000 on Wednesday, extending its gains from the previous session, as Wall Street looked ahead to a potential end to the record-breaking U.S. government shutdown.The 30-stock index rumbled higher 326.86 points from Tuesday’s all-time high to 48,254.82. The S&P 500 edged higher 4.31 points to close at 6,860.92The NASDAQ withered 61.84 points to 23,406.46.Investors are keeping an eye on Washington, as the federal government could reopen as soon as the end of this week. The Senate on Monday evening passed a spending bill that has since moved to the House of Representatives for a final vote. House Majority Leader Steve Scalise told the media he expects the chamber to vote on the bill around 7 p.m. ET.The Dow’s outperformance was supported by those in that sector such as Goldman Sachs, JPMorgan and American Express. All three stocks had notched fresh records during the day. Other stocks whose fortunes are closely linked to the economy like Caterpillar also gained.Bank shares across the broader market joined Goldman, JPMorgan and American Express in seeing a boost. Alongside those names, Morgan Stanley, Wells Fargo and Bank of America scored new highs. Beyond the financials, the artificial intelligence trade continued its string of volatility seen this month, as uneasy sentiment remains among investors that tech valuations could be stretched after their recent surge. Advanced Micro Devices shares popped 8%, but others like Oracle and Palantir Technologies were lower.Prices for the 10-year Treasury gained some on Wednesday, lowering yields to 4.07% from Monday’s 4.09%. Treasury prices and yields move in opposite directions. Bond markets in the U.S. were closed Tuesday for Veteran’s Day. Oil prices retreated $2.61 to $58.43 U.S. a barrel. Gold prices popped $84.10 to $4,200.40 U.S. an ounce.