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TSX Flat After Wednesday Gains
(MENAFN- Baystreet)
Canada's main stock index gained only slightly on Thursday as investors took a breather a day after the index logged its biggest advance in over seven months as the U.S. federal Reserve projected further rate cuts for the year.
The TSX Composite Index forged higher 32.5 points to commence Thursday at 25,101.71.
The Canadian dollar fell 0.03 cents to 69.64 cents U.S.
Political developments in Canada also took centre stage on Thursday after the Globe and Mail reported that new Prime Minister Mark Carney is expected to call a snap election for Monday, April 28.
Toronto's benchmark index logged its biggest jump in over seven months on Wednesday after the Fed provided a less hawkish outlook than some investors had feared.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
In corporate news, potential buyers of Japan's Seven & i and Canada's Alimentation Couche-Tard's U.S. stores have until the end of March to express interest and address antitrust concerns.
Couche-Tard shares eked up three cents to $70.77.
On the economic calendar, Statistics Canada's Raw Materials Price Index increased 0.3% month over month and rose 9.3% year over year., while its industrial products price index grew 0.4% month over month and increased 4.9% year over year.
Moreover, on Thursday, investors will look out for BoC Governor Tiff Macklem's speech.
In economic data, producer prices in Canada rose by 0.4% in February from January on higher prices for primary non-ferrous metal products, as well as energy and petroleum products.
ON BAYSTREET
The TSX Venture Exchange gained 7.09 points, or 1.2%, to 638.43.
All but two of the 12 TSX subgroups were in the green Wednesday, led by energy, which rumbled 4.9%., information technology, improving 3.2%, while consumer staples chugged ahead 2.7%.
The lone laggards proved to be telecoms, down 1.1%, and health-care, off 0.6%.
ON WALLSTREET
The S&P 500 traded into the green on Thursday after some solid housing data assuaged some concerns about the U.S. economy falling into a recession.
The Dow Jones Industrials leaped 257.25 points to kick off Thursday at 42,221.88.
The broader index prospered 30.91 points to 5,706.20.
The NASDAQ marched ahead 122.7 points to 17,873.49. The tech-heavy index's rise was supported by gains in megacap technology stocks like Meta Platforms, gaining 4% and Amazon, which advanced more than 1%.
New economic data released Thursday showed that economic worries might actually be overblown. Data from the National Association of Realtors showed that sales of previously owned homes in February rose 4.2% from January, while industry analysts had expected a 3% drop. Additionally, jobless claims were only up slightly last week while layoffs remain low.
Prices for the 10-year Treasury gained ground Thursday, sending yields down to 4.22% from Wednesday's 4.25%. Treasury prices and yields move in opposite directions.
Oil prices were higher 0.94 cents to $68.10 U.S. a barrel.
Prices for gold hiked $3.10 an ounce to $3,044.30 U.S.
Canada's main stock index gained only slightly on Thursday as investors took a breather a day after the index logged its biggest advance in over seven months as the U.S. federal Reserve projected further rate cuts for the year.
The TSX Composite Index forged higher 32.5 points to commence Thursday at 25,101.71.
The Canadian dollar fell 0.03 cents to 69.64 cents U.S.
Political developments in Canada also took centre stage on Thursday after the Globe and Mail reported that new Prime Minister Mark Carney is expected to call a snap election for Monday, April 28.
Toronto's benchmark index logged its biggest jump in over seven months on Wednesday after the Fed provided a less hawkish outlook than some investors had feared.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
In corporate news, potential buyers of Japan's Seven & i and Canada's Alimentation Couche-Tard's U.S. stores have until the end of March to express interest and address antitrust concerns.
Couche-Tard shares eked up three cents to $70.77.
On the economic calendar, Statistics Canada's Raw Materials Price Index increased 0.3% month over month and rose 9.3% year over year., while its industrial products price index grew 0.4% month over month and increased 4.9% year over year.
Moreover, on Thursday, investors will look out for BoC Governor Tiff Macklem's speech.
In economic data, producer prices in Canada rose by 0.4% in February from January on higher prices for primary non-ferrous metal products, as well as energy and petroleum products.
ON BAYSTREET
The TSX Venture Exchange gained 7.09 points, or 1.2%, to 638.43.
All but two of the 12 TSX subgroups were in the green Wednesday, led by energy, which rumbled 4.9%., information technology, improving 3.2%, while consumer staples chugged ahead 2.7%.
The lone laggards proved to be telecoms, down 1.1%, and health-care, off 0.6%.
ON WALLSTREET
The S&P 500 traded into the green on Thursday after some solid housing data assuaged some concerns about the U.S. economy falling into a recession.
The Dow Jones Industrials leaped 257.25 points to kick off Thursday at 42,221.88.
The broader index prospered 30.91 points to 5,706.20.
The NASDAQ marched ahead 122.7 points to 17,873.49. The tech-heavy index's rise was supported by gains in megacap technology stocks like Meta Platforms, gaining 4% and Amazon, which advanced more than 1%.
New economic data released Thursday showed that economic worries might actually be overblown. Data from the National Association of Realtors showed that sales of previously owned homes in February rose 4.2% from January, while industry analysts had expected a 3% drop. Additionally, jobless claims were only up slightly last week while layoffs remain low.
Prices for the 10-year Treasury gained ground Thursday, sending yields down to 4.22% from Wednesday's 4.25%. Treasury prices and yields move in opposite directions.
Oil prices were higher 0.94 cents to $68.10 U.S. a barrel.
Prices for gold hiked $3.10 an ounce to $3,044.30 U.S.
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