TORONTO 鈥� sa国际传媒's main stock index just eked out a gain Thursday, buoyed by energy and metals stocks, while U.S. stock markets rose.聽
It was the day after the Federal Reserve paused interest rates but signalled more hikes were likely this year in the central bank鈥檚 ongoing fight against inflation.
鈥淚 think yesterday's meeting, although it happened mid-day, probably still set the backdrop for today鈥檚 trading as people digest the news from policymakers,鈥� said Ryan Crowther, vice-president and portfolio manager at Franklin Templeton sa国际传媒.聽
The S&P/TSX composite index was up 12.26 points at 20,027.35.
In New York, the Dow Jones industrial average was up 428.73 points at 34,408.06. The S&P 500 index was up 53.25 points at 4,425.84, while the Nasdaq composite was up 156.34 points at 13,782.82.
The broad-based rally saw the S&P 500 post the biggest gain yet in its recent streak, rising 1.2 per cent Thursday. The Nasdaq gained 1.1 per cent while the Dow gained 1.3 per cent.聽
It wouldn鈥檛 have been surprising to see a sell-off this morning in the U.S. as investors continued to digest the news, but that鈥檚 not what happened, said Crowther.聽
Instead, 鈥渢he market鈥檚 essentially shrugging off policymakers鈥� hawkish stance,鈥� said Crowther.聽
鈥淲e鈥檙e just still seeing a market that鈥檚 pricing in very little risk, probably pricing in a soft landing scenario, or better than a soft landing scenario. That鈥檚 still pretty glass-half-full on what鈥檚 to come.鈥澛�
Investors got a mixed bag of economic data in the U.S. Thursday. Retail sales pulled higher last month, even though economists were expecting a decline, while applications for jobless claims remained elevated last week and a report said manufacturing activity in the mid-Atlantic region saw its 10th straight month of contraction.
鈥淚t's still a mixed picture in terms of economic data, but leaning definitely towards a deterioration. And the inflation picture also is a mixed bag,鈥� said Crowther.
Meanwhile in sa国际传媒, energy propped up the TSX as oil climbed past US$70 again, gaining more than three per cent.聽
鈥淲ithout that, sa国际传媒 would actually be 鈥� negative for the day,鈥� said Crowther.聽
The Canadian dollar traded for 75.46 cents UScompared with 75.20 cents US on Wednesday.
The August crude contract was up US$2.35 at US$70.81 per barrel and the July natural gas contract was up 19 cents at US$2.53 per mmBTU.
The August gold contract was up US$1.80 at US$1,970.70 an ounce and the July copper contract was up three cents at US$3.90 a pound.
鈥� With files from The Associated Press
This report by The Canadian Press was first published June 15, 2023.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)
The Canadian Press
