Canadian shares stretched this year's gains on Wednesday, fueled by gains across most major sectors on optimism that the U.S. Federal Reserve will keep its easy money policy in place for now. The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 1.2 percent to 12,889.26 at 12:24 p.m. in Toronto on Wednesday. The gauge has extended year-to-date gains to 3.6 percent. Almost four shares advanced for every stock that declined.

U.S. stocks were sharply higher on Wednesday as Federal Reserve Chairman Ben Bernanke offered some mixed signals about the central bank's bond buying program in his testimony to the Joint Economic Committee of Congress. 

Stonecap Securities analyst Brad Smith offered his views of the Canadian financial services sector  on Wednesday ahead of the start of the reporting season for the nation's biggest banks later this week, amid an outlook of continued uncertainty. 

NanoViricides (OTCBB:NNVC), a development stage company creating special purpose nanomaterials for antiviral therapy, said Wednesday its cash position at the end of the first quarter was "sufficient to carry out its initial clinical trials of its first drug candidate."