Markets in Toronto recovered in the mid-afternoon session, helped by further gains in the heavyweight energy and financial groups
The S&P/TSX composite index sprang back up again 230.66 points, or 1.8%, to finish Wednesday at 13,381.59
The Canadian dollar moved up 0.10 cents to 75.06 cents U.S.
Gold has been a big negative influence on Wednesday after the dollar climbed on the back of upbeat U.S. durable goods data.
Iamgold ended the day down 21 cents, or 9.8%, to $1.94, while Rubicon Minerals slumped eight cents, or 8.3%, to 89 cents.
Copper was also in focus, as investors feared that Chinese central bank's recent rate cut may not be enough to prevent the economic slowdown. The metal was down 2.85% at $2.235 U.S./pound at last check.
Capstone Mining headed earthward seven cents, or 11.1%, to 56 cents, while First Quantum Minerals surrendered 54 cents, or 8.2%, to $6.06.
Utilities led the way out of the darkness Wednesday, as ATCO Ltd. triumphed $1.83, or 5.1%, to $37.77, while Brookfield Renewable Energy grew $1.78, or 5%, to $37.34.
Information technology shares also had a good day, as Descartes Systems Group zoomed $1.08, or 5.2%, to $22.05, and CGI Group gained $2.29, or 5%, to $48.55.
Royal Bank of Canada, which closed down 26 cents, or 0.4% to $72.10, was the most actively traded stock, dealing in 6.3 million shares.
ON BAYSTREET
The TSX Venture Exchange added 3.16 points to 529.70
All but three of the 14 TSX subgroups ended the day positive, with utilities climbing 3.3%, information technology better by 3%, and health-care skyrocketing 2.5%.
The three laggards were gold, down 4.5%, metals and mining sliding 3.8%, and materials worse off by 1.8%.
ON WALLSTREET
U.S. stocks shot higher on Wednesday, rebounding from six consecutive days of declines that pushed the major averages into correction territory.
The Dow Jones industrial average leaped 619.07 points, or 4%, to close at 16,285.51, with Merck leaping more than 6 percent to lead all blue chips higher.
The S&P 500 hiked 72.9 points, or 3.9%, to 1,940.51, with information technology surging more than 5% to lead all 10 sectors higher.
The NASDAQ index hurtled skyward 191.05 points, or 4.2%, to 4,697.54
On Tuesday, stocks failed to close higher as the Dow and S&P 500 followed Monday's sharp selloff with their biggest reversal since October 2008.
In individual stock moves, shares of Syngenta dove 18% after Monsanto said its $47-billion U.S. bid to buy the Swiss rival fell through. Shares of the U.S.-listed seed company jumped 8%.
Schlumberger fell about 5% after the firm announced a $14.8-billion U.S. acquisition of oil equipment manufacturer Cameron International. The company's shares leaped more than 40%.
On the data front in the U.S., durable good orders for July rose 2.2%, above the expected 0.1% rise, but down from the 3.4% gain last month.
Earlier, stocks briefly attempted a recovery to morning highs after New York Federal Reserve President William Dudley said in a question-and-answer session that a September rate hike looks "less compelling."
Overnight, China's central bank said it had injected 140 billion yuan ($21.8 billion U.S) into the interbank money market via short-term liquidity operations. However, China's benchmark Shanghai Composite finished down 1.3% after fluctuating throughout the day.
The Peoples' Bank of China fired a double-barreled easing shot on Tuesday—lowering interest rates and the reserve requirement ratio by 25 basis points and 50 basis points respectively—but this was not enough to reassure markets of slowing growth fears.
Prices for 10-year U.S. Treasuries dropped sharply, raising yields to 2.13% from Tuesday’s 2.08%. Treasury prices and yields move in opposite directions.
Oil prices fell 33 cents a barrel to $38.98 U.S.
Gold prices dropped $15 to $1,123.30 U.S. an ounce.
