Canada’s main stock index took a sprint to the finish line Wednesday to score its best close since May 6. The TSX was supported by a strong rally across many sectors including energy, industrials, mining, technology, financials and utilities. Bombardier (TSX:BBD.A) closed 7.46 per cent higher to C$92.74 per share after news that workers represented by Unifor at its aircraft assembly centre in Ontario had ratified a new contract, ending an 18-day strike.
The S&P 500 reached another record high, closing above 5,600 for the first time. During the first day of congressional testimony, U.S. Federal Reserve Chairman Jerome Powell said the U.S. economy had cooled to near a pre-pandemic state, indicating a stronger likelihood of future interest rate cuts. He did not give any timeline of when those cuts might happen. Coming on Thursday, a U.S. consumer prices report, which could help assess the trajectory of inflation in its economy.
The Canadian dollar traded for 73.42 cents U.S. compared with 73.34 cents U.S. on Tuesday.
U.S. crude futures traded $1.00 higher at $82.41 a barrel, and the Brent contract rose $0.70 to $85.36 a barrel.
The price of gold was up US$6.90 to US$2,372.12.
In world markets, the Nikkei was up 251.82 points to 41,831.99, the Hang Seng was down 51.56 points to 17,471.67, the FTSE was up 53.70 points to 8,193.51, and the DAX was up 171.03 points to 18,407.22.
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(Top image: AI-generated image)