TORONTO — Canada's main stock index rose on Wednesday, helped by strength in base metals and technology, while U.S.
TORONTO — Canada's main stock index rose on Wednesday, helped by strength in base metals and technology, while U.S. stock markets also climbed after a mix of retail earnings, economic data and insight into central bank deliberations over interest rates.In New York, the Dow Jones industrial average was up 55.52 points at 40,890.49. The S&P 500 index was up 23.73 points at 5,620.85, while the Nasdaq composite was up 102.05 points at 17,918.99.
The U.S. government released a preliminary revision suggesting the economy created 818,000 fewer jobs in the year through March than earlier reported — a smaller gap than some had feared. “They’re laser-focused on anything that shows a downside risk to growth of that labour market, and something that’s more severe than the gradual rebalancing that the Fed has assessed the labour market at.”Strong earnings from some large retail companies in the U.S. reinforced recent retail sales data, with Target and TJX both topping expectations. Target’s share price rose more than 11 per cent while TJX gained more than six per cent.
“The markets are on edge” over the labour market, she said — where before inflation was the biggest risk, that’s shifted to the labour market data and worries about deterioration there.
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