04:23 PM EDT, 09/10/2025 (MT Newswires) -- The Toronto Stock Exchange on Wednesday posted its 12th record close in the last 14 sessions, even as Rosenberg Research is among those still not ruling out the chances of a recession in North America.

Buoyed by high commodity prices, the resources-heavy S&P/TSX Composite Index closed up 116.38 points, or 0.4%, to 29,179.39. The TSX went in to today's session up about 17.5% year to date, and 1.75% month to date.

Most sectors were higher, led by Energy up 1.9% and Base Metals up 1.2%. No sector was down by as much as 0.7%.

Reflecting the sector gainers, in commodities gold traded at a record high for a third-straight day midafternoon on Wednesday, edging up after a report showed U.S. wholesale prices unexpectedly fell in August, clearing the way for the Federal Reserve to cut interest rates next week. Gold for December delivery was up $1.90 to US$3.384.10 per ounce, rising off Tuesday's record close.

Also, West Texas Intermediate crude oil rose on heightened geopolitical tensions, despite signs supply is climbing above demand and U.S. inventory data showing another build. WTI crude oil for October delivery closed up $1.04 to settle at $63.67 per barrel, while November Brent crude was last seen up $1.16 to $67.55.

In stock news, Cenovus Energy ( CVE ) does not plan to raise its bid for oil-sands producer MEG Energy ( MEGEF ) , despite a higher offer from Strathcona Resources ( STHRF ) , chief executive Jon McKenzie told Bloomberg News on Wednesday. "We are in a world where we think we've got the only viable bid going forward," McKenzie said in an interview, according to the report.

Reuters noted the takeover saga began in May when Strathcona launched a C$5.93 billion hostile bid for MEG Energy ( MEGEF ). Cenovus countered this with a cash-and-shares agreement in August. Since then, Strathcona has raised its stake in MEG to 14.2%, aiming to vote against the deal, and on Monday sweetened its original offer. Strathcona's revised offer values MEG at C$30.86 per share, compared with Cenovus' nearly C$28.00 bid.

Meanwhile, the head of Wheaton Precious Metals ( WPM ) says development of four new projects this year sets the company up well as gold prices continue to skyrocket towards US$4,000 an ounce.

Randy Smallwood, Wheaton's chief executive said in a BNN Bloomberg interview on Tuesday afternoon a 10% increase in gold prices could lead to a 14-15% bump in cash flow. BNN noted that can make it an attractive option for investors to capitalize on rising gold prices. "I don't think we could have timed it any better," said Smallwood. "Stronger prices here in the second half of the year with combined with new mines coming on, sets us up very well."

Still, despite all the recent record closes for the broad stock market, a revival in mergers and acquisitions, and elevated commodity prices, veteran market watchers like David Rosenberg continue to say the "uncertainty" theme remains relevant. He published a note to that effect today that may be of interest to Canadians who invest across North America entitled 'The Bull Market....In Uncertainty".

In it Rosenberg said: "Uncertainty may have come off peak levels, but whether it pertains to the overall economy, trade, fiscal, or immigration policy, the measures across the board represent anywhere from two to four standard deviation events. As market pundits, we have trouble squaring this with razor thin credit spreads and sky high price to earnings multiples, and as such, remain defensive in our investment approach."

According to Rosenberg, the stock market is being fueled by sentiment, leverage, and momentum. "There is this pervasive sentiment that the business cycle has been repealed, and that recessions no longer exist," he said. But, he noted as an example, year over year trend in nonfarm payrolls has slowed to below a 1.0% rate, and that level, or nearby, was associated with all the prior 12 recessions back to 1948. The only two 'asset classes' that seem to recognize this risk are the dollar and the Treasury market, he added.