S&P/TSX composite up almost 300 points, U.S. markets also rise
Global News
The S&P/TSX composite index was up 281.66 points at 18,860.95.
Canada’s main stock index ended up almost 300 points on Friday, buoyed by gains in the base metals sector, while markets in the U.S. were also up.
The S&P/TSX composite index was up 281.66 points at 18,860.95.
In New York, the Dow Jones industrial average was up 748.97 points of 2.5 per cent at 31,082.56.The S&P 500 index was up 86.97 points or 2.4 per cent at 3,752.75,while the Nasdaq composite was up 244.87 points or 2.3 per cent at 10,859.72.
“It’s the first Friday in a number of weeks where we’ve had positive returns,” said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.
“It’s a nice way to end what’s been a reasonably good week.”
Investors are getting the sense that the end of the central banks’ aggressive rate hiking cycle is near, he said.
“To the extent that the interest rate increases start to be less aggressive ? you’ve got a chance to see stocks rally here.”
He said it will be interesting to see whether the Fed goes ahead with its planned 75-basis-point hike at its next meeting.
