TORONTO — Strength in technology and utility stocks pushed Canada's main stock index higher on Thursday, while U.S. stock markets were down after a choppy day of trading. The S&P/TSX composite index closed up 56.90 points at 24,846.20.
TORONTO — Strength in technology and utility stocks pushed Canada's main stock index higher on Thursday, while U.S. stock markets were down after a choppy day of trading.In New York, the Dow Jones industrial average was down 68.42 points at 43,153.13. The S&P 500 index was down 12.57 points at 5,937.34, while the Nasdaq composite was down 172.95 points at 19,338.29.
Amid the uncertainty, U.S. companies began reporting earnings this week, starting with the major banks. Reports Thursday were mixed, with Morgan Stanley and Bank of America beating expectations while U.S. Bancorp and UnitedHealth Group fell short. The U.S. Federal Reserve has forecast just two interest rate cuts this year as the economy has remained resilient. However, Wednesday’s inflation report spurred hopes for more cuts this year.
At the same time, the central bank is expected to continue cutting interest rates this year but at a slower pace as it looks to near a more neutral rate after quelling inflation.
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