04:18 PM EST, 01/22/2025 (MT Newswires) -- The Toronto Stock Exchange continue its push higher on Wednesday, climbing for a seventh session on broad-based buying as risk appetites continue to rise even as oil prices slip.

The S&P/TSX Composite Index closed up 29.87 points to close at 25,311.5, rising 3.2% over its seven-day run higher. Among sectors, Technology, up 1.32%, was the biggest gainer, along with Industrials, up 1.29% and Health Care, up 0.36%. Battery Metals , down 2.27%, was the biggest decliner.

On sectors, Wells Fargo Investment Institute (WFII) has published a note aimed mostly at a U.S. audience, its thoughts are likely to be of interest to Canadian investors, particularly those that invest across North America. In WFII's view, portfolios should benefit from broader diversification that includes allocations to real assets (WFII favors Commodities) and alternative investments like hedge funds and Private Capital strategies for those who qualify. Within equities, WFII favors sectors tied to a pickup in economic activity such as Energy and Industrials. For fixed income, WFII favors a "laddered approach" -- investing first in intermediate, next in longer-dated, and finally in shorter maturities.

Yet, despite the recent strong run up on the TSX, uncertainty and concerns around trade and tariff issues continues to cast a cloud over markets. Desjardins today published 'The US Trade Deficit: Who's Really "Subsidizing" Whom?' In a summary of its note, Desjardins said: "Donald Trump is fond of repeating that the United States "subsidizes" Canada and other countries, alluding to the country's trade deficits. Let's be clear: The United States isn't handing money out to Canada or to any other nation. A trade deficit isn't a subsidy. The United States is simply buying foreign products at market price."

It added: "But let's say we decided to take a page from Trump's rhetorical playbook. We could argue, theoretically, that the rest of the world is actually "subsidizing" the United States. How so? Because trade deficits require foreign capital inflows. Foreign investment isn't technically a subsidy either, but it's true that the United States relies heavily on money from other countries."

Among commodities today, West Texas Intermediate crude oil closed lower for a fifth day on Wednesday amid concerns global growth will slow if Donald Trump does start a trade war by following through on threats to impose tariffs on imports from U.S. allies and adversaries. WTI crude oil for March delivery closed down $0.39 to settle at US$75.44 per barrel, while March Brent oil closed down $0.29 to US$79.00.

Gold futures were higher late afternoon on Wednesday, climbing to the highest in more than a month, even as the dollar and yields moved up. Gold for February delivery was last seen up $7.20 to US$2,766.40 per ounce, the highest since Dec.13.