TSX sets record high; U.S. stocks have best week in more than year
BNN Bloomberg
Led by gains in the technology and industrial sectors, Canada's main stock index set new record highs Friday while U.S. markets enjoyed their best week in more than a year.
Led by gains in the technology and industrial sectors, Canada's main stock index set new record highs Friday while U.S. markets enjoyed their best week in more than a year.
The positive sentiment followed a hawkish tone from U.S. Federal Reserve when it raised interest rates earlier this week as well as hopes of a ceasefire to the war in Ukraine.
"There seems to be quite a ways potentially to go, but at least it's been moving in that direction. So that is something I think the market has reacted to here over the week," Steve Locke, head of fixed income at Mackenzie Investments said referring to the situation in Ukraine.
"And more than that, I think there's also been a discounting already of some of the risks, particularly coming from central banks."
The S&P/TSX composite index was up 47.25 points to an all-time close of 21,818.47 after reaching an intraday record of 21,877.14.
The Toronto market was up 1.6 per cent for the week and 2.8 per cent so far in 2022 thanks to strength in commodities.
