With Wall Street closed for the U.S. Independence Day holiday, global market indicators were positive early Wednesday, while crude oil prices dropped.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US94.5¢, up 0.2 of a cent.

Oil prices retreated in quiet trading Wednesday. Light sweet crude for August delivery dropped 35¢ to US$71.06 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange.

Overseas, key European indexes were up in early action and most Asian markets advanced.

Hong Kong’s blue-chip Hang Seng Index rose 67.41 points, or 0.3%, to close at a record at 22,218.55.

In Japan, the Nikkei 225 index added 18.82 points, or 0.1%, to close at 18,178.72.

Toronto stocks soared for second straight trading day on Tuesday, boosted by multibillion-dollar takeover deals for BCE and Aur Resources, while U.S. stocks gained in a holiday-shortened session.

The S&P/TSX composite index closed up 158.17 points, or 1.1%, at 14,064.74. Over the last two sessions, the index has gained 2.5%.

All but one of 10 main groups were up.

The weekend sale of telecom giant BCE to a consortium led by Ontario Teachers’ Pension Plan for $51.7 billion lifted BCE stock — up 91¢, or 2.3%, at $41.25 — and other members of the telecom sector.

Telus, which pulled out of the BCE bidding war, advanced 83¢, or 1.3%, to $64.60, while Rogers Communications added 82¢, or 1.8%, to $46.24.

The TSX materials sector jumped 2.7%.

Miner Teck Cominco’s $4.1-billion takeover bid for Aur Resources lifted Teck shares 1.3% to $45.80 and Aur’s stock 31.1% to $41.56. Completion of the deal would immediately boost Teck’s cash flow and production of copper, the price of which touched seven-week highs on Tuesday.

A regulatory filing showed that Alcan refused requests by hostile suitor Alcoa for a meeting to discuss Alcoa’s takeover bid. Alcan was among the TSX index’s biggest weighted gainers, up $1.93, or 2.2%, at $88.83.

The S&P/TSX Venture composite index was up 28.4 points to 3,202.79.

In New York, U.S. stocks were lifted by a report suggesting Apple will generate fat profit margins on its iPhone.

A U.S. government report showing that factory orders, excluding the volatile transportation sector, rose in May added to optimism about the economy.

The Dow Jones industrial average was up 41.87 points, or 0.31%, to close at 13,577.30. The S&P 500 was up 5.44 points, or 0.36%, to finish at 1,524.87. The Nasdaq composite index was up 12.65 points, or 0.48%, to end at 2,644.95.