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Bay Street Likely To See Wild Swings

Canadian shares may see some volatility Wednesday morning with traders reacting to lower commodity prices and news about the U.S. Congress agreeing on a massive $2 trillion stimulus package.

Following the steep climb in the previous session, traders may look to trim down positions a bit due to continued worries about surging coronavirus cases.

U.S. and Canadian futures are currently down in negative territory.

On Tuesday, the benchmark S&P/TSX Composite Index ended up 1,342.59 points, or almost 12%, at 12,571.08, just a few points off the day's high of 12,588.28. A day earlier, the index had shed about 5.26%.

In company news, SNC-Lavalin (SNC.TO) said that its Atkins and Faithful+Gould (F+G) businesses have been appointed to help deliver a major digital railway transformation program across the United Kingdom's East Coast Main Line, East Midlands and Transpennine routes to improve passenger experience.

Ag Growth International Inc. (AFN.TO) reported adjusted net loss of $1.18 million for the three months ended December 2019, compared with adjusted earnings of $11.77 million in the year-ago quarter.

Asian markets ended with strong gains on Wednesday after U.S. senators and Trump administration officials reached an agreement on a massive economic stimulus package worth about $2 trillion to combat the economic impact of the coronavirus pandemic.

European stocks are mostly higher as investors react positively to news about the U.S. Congress agreeing on a massive $2 trillion stimulus package.

In commodities, West Texas Intermediate crude oil futures for May are down $0.31, or about 1.4%, at $23.70 a barrel.

Gold futures for April are declining $40 or 2.41%, at $1,620.80 an ounce.

Silver futures for May are rising $0.123, or 0.86%, at $14.380 an ounce, while Copper futures for May are declining $0.0210, or 0.96%, at $2.1590 per pound.

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