Canada’s main stock index rose on Thursday, extending its rally from the previous session, ahead of the U.S. Federal Reserve’s monetary policy decision later in the day.
The TSX had gained 120.03 points by noon EST Thursday to 24,757.48.
The Canadian dollar forged ahead 0.39 cents to 72.08 cents U.S.
Donald Trump’s return to the White House, with his tariffs and immigration policies, could seriously impact the world economy. Canada, the world’s number-four crude oil producer, is especially vulnerable due to his proposed 10% tariff on all imports.
In corporate news, Manulife Financial posted a better-than-expected third-quarter profit, as the Canadian insurer benefited from a robust performance in its Asia and wealth management businesses. Manulife shares jumped $1.38, or 3.2%, to $44.95.
Among information technology issues, Lightspeed Commerce hurtled higher $2.51, or 11.4%, to $24.47, after the software maker beat second-quarter profit estimates.
In the communications field, BCE gave back $1.82, or 4.5%, to $38.24, and Quebecor fell $1.45, or 4,2%, to $33.04, after posting quarterly results.
ON BAYSTREET
The TSX Venture Exchange climbed 3.83 points to 605.94.
All but three of the 12 subgroups were positive, with information technology ahead 1.3%, real-estate up 1.1%, and consumer discretionary, better by 0.6%.
The three laggards were communications, sliding 2.1%, energy, down 0.3%, and health-care, off 0.1%.
ON WALLSTREET
Stocks rose slightly Thursday, hitting record highs, after a huge market rally following Donald Trump’s decisive victory in the presidential election. Traders are also awaiting the Federal Reserve interest rate decision Thursday afternoon.
The Dow Jones Industrials retreated 4.97 points to 43,724.96.
The S&P 500 index hiked 38.91 points to 5,967.95.
The NASDAQ jumped 254.71 points, or 1.3%, to 19,238.17.
Financial stocks, which surged on Wednesday, cooled a bit on Thursday. Shares of JPMorgan Chase fell 2% and American Express dipped 1.7%, weighing on the Dow.
Big Tech stocks moved higher, with Apple and Nvidia each gaining more than 1%.
A rate reduction Thursday would mark a second straight cut after the Fed’s decrease in September, which was its first since 2020.
Prices for the 10-year Treasury barreled ahead, lowering yields to 4.36% from Wednesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices regained 21 cents to $71.90 U.S. a barrel.
Prices for gold regained $25.50 an ounce to $2,701.80 U.S.
