TORONTO — Broad-based strength led by base metal, financial and tech stocks gave Canada's main stock index a boost Monday despite weakness in energy, while U.S. stock markets also rose to start the trading week, led by technology names.
It was a reprieve from the choppiness of the previous week, where the S&P/TSX composite index lost more than two per cent over the five-day stretch.In New York, the Dow Jones industrial average was up 87.13 points at 34,663.72. The S&P 500 index was up 29.97 points at 4,487.46, while the Nasdaq composite was up 156.37 points at 13,917.90.
“You see that those rate hikes are starting to kick in and this doesn't bode well for the Q3 GDP number,” she said. The U.S. Federal Reserve is expected to also hold on rates next week, but a hike could still come later this year, said Djataou. The Bank of Canada will be keeping an eye on the Fed because if the differential between the two banks’ key rates widens, it could put pressure on the Canadian dollar, said Djataou.
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