North American stock market indexes ended Wednesday with modest gains thanks to a continuing rally by U.S. financials and strong moves by energy stocks.
The Dow Jones industrial average closed at 10,567.33, up 2.95 points. The broader S&P 500 closed at 1145.61, up 5.16 points or 0.5 per cent.
Some of the biggest moves in the S&P 500 came from beaten-up financial stocks, due to rumours that the U.S. government is about to limit short-selling on government-controlled firms. American International Group Inc. rose 10.6 per cent, Citigroup Inc. rose 3.7 per cent and Fannie Mae rose 2.8 per cent. (None of these stocks are members of the Dow.)
But energy stocks were also strong after the Energy Information Administration reported a larger-than-expected draw-down in fuel inventories that suggests rising demand. The price of crude oil rose to an eight-week high of $82.09 (U.S.) a barrel, up 60 cents, which sent Exxon Mobil Corp. up 0.7 per cent.
In Canada, the S&P/TSX composite index closed at 11,961.06, up 42.35 points, or 0.4 per cent.
Among energy stocks, Suncor Energy Inc. rose 0.5 per cent and Canadian Natural Resources Ltd. rose 1.1 per cent. Gold producers were weak, however, after the price of gold slipped to $1108 an ounce, down $14. Barrick Gold Corp. fell 2.2 per cent.
Meanwhile, Viterra Inc. rose 2.4 per cent - although it was hard to know what was due to its financial results and what was due to its latest takeover announcement. The grain handler reported earnings of $10.7-million (Canadian), or 3 cents a share, in its fiscal first quarter, rebounding from a loss last year. It also said that it was expanding into pasta production with its purchase of Dakota Growers Pasta Co. Inc. in a $240-million (U.S.) deal.