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Canadian Shares Moving Up North After Volatile Start

After a volatile start, Canadian stocks rallied sharply Wednesday morning, with investors indulging in some hectic buying at several counters on news that U.S. Senate leaders and the White House have reached an agreement on a massive stimulus bill.

The benchmark S&P/TSX Composite Index is up 458.91 points, or 3.65%, at 13,029.99.

On Monday, the index ended with a hefty gain of 12%, riding on the Federal Reserve's extensive asset-buying plan and on hopes about a massive stimulus package from the U.S. government.

Real estate stocks are up sharply, extending gains from previous session. Several stocks from consumer discretionary, utilities, financial and energy sectors are also up with strong gains.

Information technology and telecommunications stocks too are mostly higher. A few stocks from healthcare and consumer staples sections have edged up as well, while materials shares are somewhat struggling for support.

Pembina Pipeline Corporation (PPL.TO) is up nearly 15% on strong volumes. Air Canada (AC.TO) has risen sharply for a second straight session, and is up by about 12.5% now.

Cenovus Energy (CVE.TO) is gaining about 8.5%. Toronto-Dominion Bank (TD.TO), Manulife Financial Corporation (MFC.TO) and Suncor Energy (SU.TO) are up 3 to 6%.

Mty Food Group (MTY.TO) is soaring nearly 25%. National Bank of Canada (NA.TO) is up nearly 10%. Restaurant Brands International (QSR.TO), Canadian Tire Corporation (CTC.A.TO), Colliers International Group (CIGI.TO), Canadian Imperial Bank of Commerce (CM.TO), Shopify Inc. (SHOP.TO) and Fairfax Financial Holdings (FFH.TO) are up 2.5 to 10%.

According to reports, U.S. Senate leaders and Trump administration have reached an agreement on a $2 trillion stimulus bill. Senate Majority Leader Mitch McConnel, R-Ken., said he expects the legislation to pass later today. He described the bill as "a war-time level of investment" in the country, providing financial assistance to individuals and companies amid the ongoing coronavirus pandemic.

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