S&P/TSX composite up for third day running

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TORONTO –


Canada’s primary stock index was up for the third day in a row, whereas U.S. stock markets additionally rose.


The S&P/TSX composite index was up 178.61 factors at 19,097.01.


In New York, the Dow Jones industrial common was up 337.12 factors at 31,836.74.The S&P 500 index was up 61.77 factors at 3,859.11,whereas the Nasdaq composite was up 246.51 factors at 11,199.12.


The markets are up for the third enterprise day in a row on treasury yields, which had been down within the U.S. and Canada, in addition to speculation that aggressive charge hikes will ease quickly, stated Mona Mahajan, senior funding strategist at Edward Jones.


Both the Bank of Canada and the Fed are anticipated to every announce yet another outsized charge hike, seemingly at 75 foundation factors, although a 50-point hike is not out of the query for Canada, stated Mahajan.


Markets are additionally getting a lift from earnings, which, whereas nonetheless early within the season, firm outcomes have to this point have been exceeding expectations, she stated.


“We’re seeing earnings hold up, the consumer in that story is holding up as well,” she stated. “But I think ultimately a Fed pause would be what really drives a more sustainable rally.”


Earnings are a lagging indicator, since they do not signify an organization’s present scenario, famous Mahajan.


“They probably don’t fully reflect the full extent of the rate hikes and the rate hikes that are coming as well. So there’s probably a softening in earnings and economic growth ahead of us,” she stated. “But I guess the relatively good news is we’re starting from a better position to absorb some of the potential rate hikes.”


Looking ahead, she stated U.S. tech outcomes will present intuition into how promoting is faring.


The Canadian greenback traded for 73.32 cents US, in contrast with 72.88 cents US on Monday.


Mahajan stated the U.S. greenback has been softening.


“I think the U.S. dollar weakness has kind of propped up a lot of currencies, especially with major trading partners,” she stated.


The December crude contract was up 74 cents at US$85.32 per barrel and the December pure fuel contract was up 41.3 cents at US$6.17 per mmBTU.


The December gold contract was up US$3.90 at US$1,658.00 an oz and the December copper contract was down 3.4 cents at US$3.40 a pound.


This report by The Canadian Press was first revealed Oct. 25, 2022

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