Stocks Rally Despite Mixed Signals From U.S. Fed -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Wednesday as the U.S. Federal Reserve stood pat on interest rates, as expected.

"For the time being we are going to watch incoming evidence," Fed Chair Janet Yellen said in a press conference after the Fed's two-day meeting.

The vote was 7-3, with three FOMC members wanting to raise rates.

The S&P/TSX Composite Index was up 188.84, or 1.3 percent, to 14,710.82, on widespread gains.

Strength emerged in the energy sector after crude oil futures jumped on a large drawdown in U.S. oil inventories.

Oil for November delivery settled up $1.29, or 2.9%, at $45.34 a barrel.

The U.S. Energy Information Administration reported a 6.2 million barrel decline in weekly crude inventories, confirming a similar reading from the American Petroleum Institute yesterday.

Suncor (SU.TO) will take a $105-million hit on an exploration well off Nova Scotia.

Blackberry's (BBRY, BB.TO) Argon is likely to be launched as its third Android smartphone, the DTEK60, according to a product page that might have been accidentally hosted on the struggling company's U.S. website.

Canadian wholesale sales rose 0.3 percent in July, Stats Canada announced.

The OECD is cutting its outlook for Canada's economy while warning on inflated home prices.