TORONTO – Canada’s main stock index was up nearly 300 points while U.S. stock markets also surged higher as the U.S. Federal Reserve signalled it is prepared to start cutting its key interest rate.
The S&P/TSX composite index was up 296.91 points at 23,334.38.
In New York, the Dow Jones industrial average was up 472.34 points at 41,185.12. The S&P 500 index was up 60.22 points at 5,630.86, while the Nasdaq composite was up 240.84 points at 17,860.19.
The Canadian dollar traded for 74.03 cents US compared with 73.52 cents US on Thursday.
The October crude oil contract was up US$1.45 at US$74.46 per barrel and the October natural gas contract was down three cents at US$2.17 per mmBTU.
The December gold contract was up US$32.50 at US$2,549.20 an ounce and the September copper contract was up five cents at US$4.20 a pound.
This report by The Canadian Press was first published Aug. 23, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
