Canada’s main stock index hit a record high on Monday led by gains in energy stocks, while investors remained buoyed by U.S. Federal Reserve’s interest rate cut last week.
The TSX Composite Index inched up 3.7 points to pause for lunch Monday at 23,871.07.
The Canadian dollar advanced 0.38 cents to 74.10 cents U.S.
In corporate news, Canada-based investment issuer Alset AI Ventures said Morgan Good resigned as the company’s CEO and director. Alset gained a penny, or 9.1%, at six cents.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 4.13 points to 589.04
The 12 TSX subgroups were evenly split as gold prospered 0.8%, consumer staples surged 0.7%, and utilities took on 0.4%.
The half-dozen laggards were weighed most by health-care, slumping 1.3%, communications, off 0.5%, and financials, down 0.4%.
ON WALLSTREET
The S&P 500 rose Monday, as traders looked to build on the sharp gains seen last week following the Federal Reserve’s interest rate cut.
The Dow Jones Industrials gained 38.18 points to 42,101.54, yet another record high.
The much-broader index gained 9.19 points to 5,711.74.
The NASDAQ Composite acquired 21.24 points to 17,969.36.
The moves come after a winning week on Wall Street that centered around the Federal Reserve’s decision to lower interest rates by 50 basis points, its first cut in four years. Despite some choppiness following the initial announcement, stocks rallied in the days following.
Investors parsed fresh economic data on Monday, including a 15-month low reading for PMI manufacturing activity in the U.S. for August.
Prices for the 10-year Treasury eased back, lifting yields to 3.75% from Friday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices dipped 92 cents at $70.08 U.S. a barrel.
Gold prices fell $7.40 to $2,653.60 U.S. an ounce