National Business

TORONTO — Worries about a new COVID-19 strain in the U.K. that affected stock trading earlier this week seemed to evaporate on Wednesday as most North American markets rose in a tide of pre-Christmas optimism.

CALGARY — An unexpected rebound in wood product prices this month is boosting profits for Canadian forestry companies but leaving homeowners and buyers with the prospect of higher home and renovation costs in 2021.

ST. JOHN'S, N.L. — Newfoundland and Labrador is giving $38 million to the Hibernia offshore oil project in a bid to protect 148 jobs over 18 months.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (17,593.57, up 41.11 points.) TC Energy Corp. (TSX:TRP). Energy. Up 23 cents, or 0.44 per cent, to $52.83 on 6.5 million shares.

Shares of auto parts manufacturer Magna International Inc. hit an all-time high on Wednesday after the company announced a deal with LG Electronics to create a joint venture to build components for electric cars.

MONTREAL — Investment firm Letko, Brosseau and Associates Inc. says it plans to vote against a plan to take Dorel Industries Inc. private. The money manager says it holds 12.6 per cent of Dorel's outstanding class-B subordinate shares.

DOVER, England — Gridlock at an English port kept thousands of truckers and travellers stranded Wednesday despite a deal with France to lift a two-day blockade imposed because of a new variant of the coronavirus that had isolated Britain and raised f

OTTAWA — The Canadian economy outpaced expectations in October and an early estimate suggested growth continued in November, offering a glimmer of hope for a better-than-expected start to 2021.

While "unprecedented" has been the go-to term to describe the ripple effects of the COVID-19 pandemic, the wave of labour upheaval currently moving across the country is the latest turn in a familiar cycle.

WASHINGTON — U.S. consumer spending fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus. The decline followed a 0.