Wednesday was a strong day in the markets with the S&P 500 and Toronto each up 1.2%.
The FED once again did not raise rates but appeared to hint that it probably would in December. Maybe. The market ultimately decided that this was good news and pushed stock prices up.
Bank of America was up 5.4% and Wells Fargo was up 2.5%.
In Canada the market was boosted by a close to 7% rise in the oil price fueled by a lower-than-expected oil inventory increase.
CN Railway was up 2.9% on its earnings and on the general market rise.
Canadian Western Bank was up 2.5% perhaps due to the Alberta budget and the oil price rise. Stantec was up 2.8%, probably for the same reasons.
Bombardier was up 11.0% on reports that the Quebec government would announce financial assistance of some kind tomorrow. After the close came a story that they would abandon their Learjet 85 program – which would mean more job loses and write-offs. (This company cannot seem to keep anything secret – recall its talks with Airbus were recently leaked). The pref. shares rose 15.9%. Also, after the close, came a decision by Toronto Transit to sue them for late deliveries of subway cars. I have often found that some companies are constantly “on their game” and others constantly stumble.
Bombardier will release earnings and be much in the news tomorrow, Thursday.