North American stocks rose in early trading on Wednesday in another attempt to put a cement floor under earlier turbulence.
The S&P/TSX composite index rose 150 points, or 1.8 per cent, to 8,548. Financials, which were hit hard on Tuesday after Royal Bank of Canada essentially diluted its stock with the sale of $2-billion in additional common shares, found some stability. RBC was up 0.2 per cent, Toronto-Dominion Bank rose 1.7 per cent and Bank of Nova Scotia rose 1 per cent.
Energy stocks were also higher after investors grew more confident that OPEC and Russia would team up to deliver meaningful production cuts, which would raise the price of oil. So far, so good: Crude oil rose $2.18 (U.S.) a barrel, to $44.25. EnCana Corp. rose 2.8 per cent and Canadian Oil Sands Trust rose 1.4 per cent.
In the United States, the Dow Jones industrial average rose 94 points, or 1.1 per cent, to 8,786. The gains were widespread, but were strongest amongst stocks that had been pummelled the most as the global economy ground to a halt - suggesting that investors might be betting early on an eventual change in the business cycle.
Alcoa Inc. rose 6.2 per cent, General Motors Corp. rose 5.1 per cent, Citigroup Inc. rose 3.3 per cent and General Electric Co. rose 1.1 per cent.