TSX posts triple-digit gain after Bank of Canada lifts rates
BNN Bloomberg
A broad rally led by the technology and commodity sectors pushed Canada's main stock index higher midweek as the Bank of Canada approved its largest interest rate increase in two decades.
A broad rally led by the technology and commodity sectors pushed Canada's main stock index higher midweek as the Bank of Canada approved its largest interest rate increase in two decades.
The S&P/TSX composite index closed up 122.61 points to 21,838.02 after hitting an intraday high of 21,888.76.
In New York, the Dow Jones industrial average was up 344.23 points at 34,564.59. The S&P 500 index was up 49.14 points at 4,446.59, while the Nasdaq composite was up 272.02 points or two per cent at 13,643.59.
North American markets moved higher on a pullback of bond yields as the impact of high inflation seems already baked in and may have reached its peak, says Greg Taylor, chief investment officer of Purpose Investments.
"So it feels a little bit of a relief rally because a lot of the strength we're getting is in the technology stocks which have been the most beat up more than anything else," he said in an interview.
Technology moved up 1.5 per cent, with Hut 8 Mining Corp. and Lightspeed Commerce Inc. both up 4.6 per cent.
