CLOSING BELL: TSX skyrockets on positive Bank of Canada numbers
Good numbers from the Bank of Canada sent investors on a spending spree today.
Gains in the energy and materials sectors played a big part, as did financials with shares of some of Canada’s biggest banks up around a full point or more. The TSX closed the day at 15,529, up 176 points, extending its streak of winning sessions to five and hitting a four week high.
The Bank of Canada kept its key interest rate at 1.25 per cent, as expected. Governor Stephen Poloz announced today that the country’s GDP growth should bounce back in the second quarter, after slightly disappointing in the first, with the expansion of foreign trade. That could lead to another rate hike later down the line though.
On Wall Street the day started off well but that’s about it. The retail and industrial sectors had a good showing but those gains were offset by tech losses. The markets also seem to be reacting to more uncertainty between the United States and China as the two countries continue to go back and forth on tariffs. The Dow Jones lost 38 points today, closing at 24,748.
At press time oil is up $2.26 to $68.77 U.S. per barrel, gold is up $2.20 to $1,351.70 an ounce, and the loonie is down half a cent to 79.21 cents U.S.