S&P/TSX composite up almost 300 points, U.S. markets also rise

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TORONTO –


Canada’s predominant stock index ended up almost 300 factors on Friday, buoyed by good points within the base metals sector, whereas markets within the U.S. have been also up.


The S&P/TSX composite index was up 281.66 factors at 18,860.95.


In New York, the Dow Jones industrial common was up 748.97 factors of two.5 per cent at 31,082.56.The S&P 500 index was up 86.97 factors or 2.4 per cent at 3,752.75,whereas the Nasdaq composite was up 244.87 factors or 2.3 per cent at 10,859.72.


“It’s the first Friday in a number of weeks where we’ve had positive returns,” stated Mike Archibald, vice-president and portfolio supervisor with AGF Investments Inc.


“It’s a nice way to end what’s been a reasonably good week.”


Investors are getting the sense that the top of the central banks’ aggressive fee climbing cycle is close to, he stated.


“To the extent that the interest rate increases start to be less aggressive … you’ve got a chance to see stocks rally here.”


He stated will probably be attention-grabbing to see whether or not the Fed goes forward with its deliberate 75-basis-point hike at its subsequent assembly.


“I think that’s probably the largest item that we’re going to see here in the next four weeks. And if there is a subtle change to how they’re thinking about policy, that will have a significant reverberating effect on all asset markets.”


Next week will likely be essential when it comes to setting the tone for the remainder of the quarter, stated Archibald.


“We have a lot of earnings coming next week in the U.S. and the Canadian market starts to really kick off as well. So we’ll be paying attention to what companies are telling us.”


Canadian National Railway Companyand Canadian Pacific Railway Ltd. are reporting subsequent week, which Archibald stated are usually good bellwethers for the Canadian economic system. There are also some sizable supplies firms, plus utilities and Shopify all releasing monetary information subsequent week, he stated.


“There’s lots to chew on for investors,” he stated.


“Commentary on what 2023 looks like, I think, is going to be most crucial for the direction of equity prices here in the next couple of weeks.”


The Canadian greenback traded for 72.92 cents US in contrast with 72.84 cents US on Thursday.


Canadian retail gross sales information for August was launched Friday, displaying slight good points in gross sales however with warnings that gross sales seemingly dipped heading into the autumn.


Archibald stated shoppers are seemingly tightening their purse strings as inflation continues its upward trajectory.


The December crude oil contract was up 54 cents at US$85.05 per barrel and the November pure fuel contract was down 40 cents at US$4.96 per mmBTU.


The December gold contract was up US$19.50 at US$1,656.30 an oz and the December copper contract was up 6.4 cents at US$3.47 a pound.


This report by The Canadian Press was first revealed Oct. 21, 2022.

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