S&P/TSX composite unchanged Wednesday, U.S. markets slightly up
Global News
The S&P/TSX composite index was down 16.33 points at 20,751.05.
Broad-based strength helped buoy Canada’s main stock index against losses in the energy sector Wednesday, while U.S. markets rose, particularly the Nasdaq which gained two per cent.
The S&P/TSX composite index was down 16.33 points at 20,751.05.
In New York, the Dow Jones industrial average was up 6.92 points at 34,092.96. The S&P 500 index was up 42.61 points at 4,119.21,while the Nasdaq composite was up 231.77 points at 11,816.32.
The markets have been quite resilient this week, said Ian Chong, associate portfolio manager for First Avenue Investment Counsel Inc.
Markets slowly sold off during the day as they anticipated the coming interest rate announcement by the U.S. Federal Reserve.
When the rate hike came in as expected at a quarter of a percentage point, markets went a little lower, reacting to hawkish messaging from the central bank that implied more than one rate increase could still be on the horizon, said Chong.
But after Federal Reserve chairman Jerome Powell gave a speech indicating that the central bank will make future rate decisions on a meeting by meeting basis, markets climbed for the rest of the day, likely embodying some relief, said Chong.
“It sounds much more balanced this time around,” said Chong.