TORONTO — Canada's main stock index rose Wednesday amid broad-based strength on Bay St., while U.S. stock markets coasted after the latest report on inflation. The S&P/TSX composite index closed up 141.83 points at 22,760.01.
TORONTO — Canada's main stock index rose Wednesday amid broad-based strength on Bay St., while U.S. stock markets coasted after the latest report on inflation.In New York, the Dow Jones industrial average was up 242.75 points at 40,008.39. The S&P 500 index was up 20.78 points at 5,455.21, while the Nasdaq composite was up 4.99 points at 17,192.60.
The report, which was highly anticipated by investors nervous it would come in too hot, ended up being a bit of a “non-event,” said Greg Taylor, chief investment officer at Purpose Investments.The equity market’s tepid reaction showed investors are growing less concerned with whether high interest rates have successfully tamed inflation, and more focused on whether the U.S. Federal Reserve is waiting too long to cut rates and risking a recession, said Taylor.
Markets are pricing in three to four cuts from the Fed this year, with the first expected in September — and some think it could be a supersized cut of 50 basis points, said Taylor, especially after last week's market temper tantrum and a worse-than-expected labour report for July. Markets are currently pricing in about a 65 per cent chance of a 25-basis-point cut in September, according to financial data firm CME Group.
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