Canadian stock market rebounds amid concerns over U.S. interest rate hikes

Canada's main stock market rebounded Wednesday as the latest U.S. Federal Reserve meeting reassured investors' speculation that central bank officials agreed to begin raising interest rates only when measures of the economy's health and inflation signal the right timing.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 90.02 points, or 0.62 percent, to 14,666.47 points, with gains driven by metals & mining and health care shares offsetting a drop in energy stocks. The TSX index firmed after hitting a four-and-a- half-month low earlier in the session.

Many analysts have expected the Fed to hike rates in mid-2015, but a steady stream of positive U.S. data had persuaded some that it could push up rates even earlier. Economic weakness in areas outside of the United States added to uncertainty about Fed intentions.

The Federal Reserve comments helped fuel a rally in TSX's metals & mining sector, which went up 1.39 percent to 752.10 Canadian dollars with Teck Resources Ltd. up 2.17 percent to 19.33 Canadian dollars and Turquoise Hill Resources Ltd. advancing 5.19 percent to 4.26 Canadian dollars.

Financials, the index's most heavily weighted sector, advanced 1.02 percent to 251.37 Canadian dollars. Royal Bank of Canada gained 1.66 percent to 80.99 Canadian dollars, and Bank of Montreal climbed 1.56 percent to 82.67 Canadian dollars.

Investors were also digesting a report on Tuesday from the International Monetary Fund which showed the agency lowering its global economic growth forecasts for the third time this year.

However, shares of energy producers fell for a seventh day, down 0.90 percent to 272.79 Canadian dollars, with Suncor Energy Inc. tumbling 0.75 percent to 38.24 Canadian dollars, and Canadian Natural Resources Ltd. losing 0.60 percent to 39.76 Canadian dollars.

The industrial group shed 0.19 percent to 189.47 Canadian dollars, with Canadian Pacific Railway Ltd. giving back 0.28 percent to 230.91 Canadian dollars.

In other corporate news, Canadian pharmacy chain Jean Coutu Group Inc. reported that their net profit amounted to 53.6 million Canadian dollars or 0.28 Canadian dollars per share during the quarter ended Aug. 31, 2014 compared with 208.2 million Canadian dollars or 0.99 Canadian dollars per share for the quarter ended August 31, 2013. The company's stock rose 2.38 percent to 24.99 Canadian dollars a share.

On the currency front, the Canadian dollar went down Wednesday to 0.8928 U.S dollar from 0.8945 U.S dollar Tuesday.