Some sectors recovered from the beatings of the previous sessions to move Canada’s main stock index higher on Thursday. Industrials led the gainers in a bumpy session for the TSX, followed by the financial and telecom sectors. Metal prices floundered as any clues to the future path of interest rates among global central banks remain scarce.
Supported by tech gains, U.S. markets rose as Wall Street tried to regain its footing after another losing session. The FAANG group rallied with Apple the breakout after Bank of America upgraded it to a buy rating. There still is concern among traders that a strong December 2023 retail sales report suggests consumer health, meaning fewer rate cuts from the Federal Reserve. The expectation is a 56 per cent chance of a quarter percentage point rate cut in March 2024.
The Canadian dollar traded for 74.08 cents compared to 73.97 cents U.S. on Wednesday.
U.S. crude futures traded $1.52 higher at $74.08 a barrel, and the Brent contract added $1.18 to $79.06 a barrel.
The price of gold was up US$12.07 to US$2,021.94.
In world markets, the Nikkei was down 11.58 points to 35,466.17, the Hang Seng was up 114.89 points to 15,391.79, the FTSE was up 10.17 points to 7,456.46, and the DAX was up 124.87 points to 16,556.56.
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