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The S&P 500 ended higher on Wednesday following a steep drop the day before, with strong revenue forecasts from Microsoft and Visa helping to alleviate worries about slowing global economic growth and rising interest rates.

Canada’s main stock index also rose, rebounding from a three-month low the day before, as stronger-than-expected corporate earnings boosted the shares of energy and mining companies. The S&P/TSX composite index ended up 53.42 points, or 0.3%, at 20,744.23, following five straight days of declines.

The energy group rose 3.4% as oil prices settled slightly higher. It was led by a 10.3% gain for Cenovus Energy Inc after the company reported a more than seven-fold jump in quarterly profit that surpassed analyst estimates and nearly tripled its dividend.

Mining company Teck Resources Ltd also beat estimates. Its shares climbed 11.7%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 1.0%.

On Wall Street, the S&P 500 communication services index fell 2.6%, with Google-parent Alphabet dropping 3.7% after it reported that quarterly YouTube ad sales slowed and its revenue missed expectations.

“What we’ve really been seeing is that misses are being punished a little more severely, but that beats are also being rewarded,” said Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management in Seattle. “With interest rates where they are and the 10-year Treasury testing 2.8%, I think there is a big question about growth and valuations.”

In extended trade, Facebook-owner Meta Platforms Inc rose 9% following its quarterly report. During the trading session it had declined 3.3%.

Planemaker Boeing Co tumbled 7.5% after it said it was halting production of 777X jets through 2023 due to certification problems, as well as weak demand for the wide-body jet.

Nearly a third of the companies on the S&P 500 have reported results this week. Overall, earnings have been better than expected, with nearly 80% of the 176 companies in the S&P 500 that have reported so far beating Wall Street expectations. Typically, only 66% of companies beat estimates.

The Dow Jones Industrial Average rose 0.19% to end at 33,301.93 points, while the S&P 500 gained 0.21% to 4,183.92. The Nasdaq Composite dropped 0.01% to 12,488.93.

Toymaker Mattel Inc surged almost 11% after a source told Reuters it was exploring a sale.

Audio streaming platform Spotify Technology SA’s U.S.-listed shares tumbled more than 12% following a downbeat current-quarter revenue forecast.

The euro dropped to its weakest since 2017 after Russia halted gas supplies to Bulgaria and Poland, and investors fretted more about the region’s economy.

The U.S. dollar continued its surge, on course for its biggest monthly gain since January 2015 as expectations mounted that the U.S. Federal Reserve will hike interest rates aggressively in coming months and the American economy will be stronger than the euro zone.

U.S. Treasury yields rose, as investors awaited greater clarity on the “restrictive” policy the Fed plans to pursue next week to combat inflation by curbing economic growth. Canadian government bond yields were higher across the curve, with the 10-year up 10.7 basis points at 2.810%. Last Thursday, it touched its highest in nearly 11 years at 2.944%.

Reuters, Globe staff

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