Canada's main stock index rose over 100 points Thursday, driven by positive performance in industrial and utility sectors. This growth mirrored upward trends observed in U.S. stock markets, which reached their first all-time high of the year. Canadian retail sales remained flat in November but are expected to rebound in December due to tax holiday benefits.
Canada 's main stock index surged over 100 points on Thursday, buoyed by strength in industrial and utility sectors, mirroring gains observed in U.S. stock market s. The S&P/TSX composite index concluded the day at 25,434.08, up 122.58 points. This positive performance followed a period of robust growth on Wednesday, with analysts describing the current market activity as a slight pause. Meanwhile, U.S. markets achieved their first all-time high of the year.
The Dow Jones industrial average led the way, climbing 408.34 points to reach 44,565.07, marking a gain of 0.9 percent. The S&P 500 index also saw a rise, adding 32.34 points to close at 6,118.71, while the Nasdaq composite index inched up 44.34 points to settle at 20,053.68. Notably, the Nasdaq lagged behind its counterparts, trading in negative territory for most of the day before making a last-minute gain just before the closing bell.Analysts attributed this divergence to rising bond yields, which exerted pressure on the technology sector of the market. On the Canadian front, retail sales remained unchanged in November, according to the latest Statistics Canada report. However, preliminary estimates suggest a rebound in December, driven by the commencement of the GST/HST tax holiday. In the U.S., jobless claims saw a slight increase, but they remain historically low. Looking ahead, the Bank of Canada is anticipated to lower its key interest rate again next Wednesday. Analysts point to the central bank's aggressive efforts to position policy at the high end of its neutral range. Simultaneously, the U.S. Federal Reserve is expected to maintain its current stance. The rationale behind this anticipated pause lies in the positive economic data that has emerged since its last meeting. Despite this underlying strength, uncertainties surrounding inflation projections may lead the Federal Reserve to remain cautious. Market participants will closely scrutinize any hints regarding the possibility of a rate cut in March.Next week promises to be a crucial period for markets, with a full slate of U.S. earnings releases, including those of four prominent mega-cap companies, plus the anticipated central bank decisions. Adding to the complexity, the looming threat of tariffs continues to cast a shadow over both the U.S. and Canada. U.S. President Donald Trump has suggested February 1st as a potential start date for tariffs on Canadian goods. He reiterated these warnings during a live-streamed address at the World Economic Forum on Thursday. However, some analysts view these tariff pronouncements as a strategic negotiating tactic. The Canadian dollar traded at 69.58 cents US compared to 69.59 cents US on Wednesday. Crude oil prices saw a decline, with the March contract dropping 82 cents to US$74.62 per barrel. Natural gas prices also fell, with the March contract shedding four cents to US$3.47 per mmBTU. Gold prices dipped, with the February contract down US$5.90 to US$2,765 an ounce. Copper prices, however, saw an increase, with the March contract rising three cents to US$4.33 a pound
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