Bay Street Shrugs Off Trump's Historic Upset -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Wednesday as markets shrugged off initial trepidation over Donald Trump's shocking upset in yesterday's U.S. presidential election.

Defying polls and pundits, Trump swept the Rust Belt and Deep South in defeating Hillary Clinton.

It is now expected the Federal Reserve will keep interest rates on hold instead of raising them in December.

At last check, the S&P/TSX Composite Index was up 97 points at 14,754.32, and is little changed from a month ago.

Energy stocks rose sharply along with crude oil prices.

Dec. WTI oil up 29 cents, or 0.6%, to settle at $45.27/bbl, the highest in a week.

Health care shares were up amid optimism over expected reforms of ObamaCare in the U.S.

Canadian banks edged higher, although gains were muted compared to Wall Street.

Crude oil inventories increased by 2.4 million barrels (MMbbl) to a total of 485.0 MMbbl, according to the Energy Information Administration.

That's roughly in line with estimates, following a massive 14.4 million build the week prior.

Analysts say a Trump presidency bodes well for the crucial Keystone pipeline that has been delayed under the Obama administration.