Money News

S&P/TSX composite up almost 300 points, U.S. markets also rise |


Canada’s foremost inventory index ended up virtually 300 factors on Friday, buoyed by positive aspects within the base metals sector, whereas markets within the U.S. have been additionally up.

The S&P/TSX composite index was up 281.66 factors at 18,860.95.

In New York, the Dow Jones industrial common was up 748.97 factors of two.5 per cent at 31,082.56.The S&P 500 index was up 86.97 factors or 2.4 per cent at 3,752.75,whereas the Nasdaq composite was up 244.87 factors or 2.3 per cent at 10,859.72.

“It’s the primary Friday in quite a lot of weeks the place we’ve had constructive returns,” stated Mike Archibald, vice-president and portfolio supervisor with AGF Investments Inc.

Learn extra:

S&P/TSX composite up greater than 100 factors, U.S. inventory markets additionally rise

“It’s a pleasant option to finish what’s been a fairly good week.”

Story continues under commercial

Buyers are getting the sense that the tip of the central banks’ aggressive fee climbing cycle is close to, he stated.

“To the extent that the rate of interest will increase begin to be much less aggressive ? you’ve obtained an opportunity to see shares rally right here.”

He stated it will likely be attention-grabbing to see whether or not the Fed goes forward with its deliberate 75-basis-point hike at its subsequent assembly.

“I believe that’s most likely the most important merchandise that we’re going to see right here within the subsequent 4 weeks. And if there’s a refined change to how they’re desirous about coverage, that may have a major reverberating impact on all asset markets.”

Subsequent week shall be essential when it comes to setting the tone for the remainder of the quarter, stated Archibald.

“Now we have quite a lot of earnings coming subsequent week within the U.S. and the Canadian market begins to essentially kick off as properly. So we’ll be listening to what corporations are telling us.”

Canadian Nationwide Railway Companyand Canadian Pacific Railway Ltd. are reporting subsequent week, which Archibald stated are usually good bellwethers for the Canadian economic system. There are additionally some sizable supplies corporations, plus utilities and Shopify all releasing monetary knowledge subsequent week, he stated.

“There’s heaps to chew on for buyers,” he stated.

Story continues under commercial

“Commentary on what 2023 seems to be like, I believe, goes to be most important for the course of fairness costs right here within the subsequent couple of weeks.”

The Canadian greenback traded for 72.92 cents US in contrast with 72.84 cents US on Thursday.

Canadian retail gross sales knowledge for August was launched Friday, exhibiting slight positive aspects in gross sales however with warnings that gross sales doubtless dipped heading into the autumn.

Archibald stated shoppers are doubtless tightening their purse strings as inflation continues its upward trajectory.

The December crude oil contract was up 54 cents at US$85.05 per barrel and the November pure gasoline contract was down 40 cents at US$4.96 per mmBTU.

The December gold contract was up US$19.50 at US$1,656.30 an oz and the December copper contract was up 6.4 cents at US$3.47 a pound.

&copy 2022 The Canadian Press


Related Articles

Back to top button