TORONTO 鈥� sa国际传媒's main stock index eked out a gain on Wednesday as losses in the energy sector weighed on the index, while U.S. markets rose.聽
The S&P/TSX composite index closed up 3.99 points at 20,113.96.
In New York, the Dow Jones industrial average was up 184.74 points at 35,273.03. The S&P 500 index was up 18.43 points at 4,556.62, while the Nasdaq composite was up 65.88 points at 14,265.86.
鈥淚t's been a fairly quiet day today and that's not completely unexpected as we're heading into the U.S. Thanksgiving weekend,鈥� said Kathrin Forrest, equity investment specialist at Capital Group.
However, new economic data released in the U.S. on consumer inflation expectations and jobless claims helped paint a picture of ongoing rate uncertainty, she said.
Investors continue to expect central banks to start cutting mid next year, said Forrest.
鈥淭here continues to be noise around that and we certainly see volatility as we look a bit further out the curve,鈥� she said.
鈥淩ate volatility is something that we continue to see.鈥�
November has so far been significantly more positive for equities than October, helped by a softening in longer-term rates, said Forrest.
鈥淭he U.S. 10-year yields have come down quite a bit over the course of November. And that tends to be helpful for markets in general,鈥� she said.聽
Data released around the end of October led market participants to gain more confidence in the possibility of a soft landing for the economy, she said.
In a speech Wednesday, Bank of sa国际传媒 governor Tiff Macklem said higher rates are relieving price pressures throughout the economy. He said inflation can鈥檛 be fought half-heartedly.
鈥淭he big takeaway for me was that the Bank of sa国际传媒 is looking to stay the course, and continue to be data dependent,鈥� said Forrest.
Shares in Nvidia Corp. were down Wednesday despite the company reporting strong profits for the last quarter.
Higher U.S. commercial crude stocks put downward pressure on oil Wednesday, Forrest noted, amid broader uncertainty for the commodity.
The Canadian dollar traded for 72.87 cents US compared with 73.00 cents US on Tuesday.
The January crude oil contract was down 67 cents at US$77.10 per barrel and the January natural gas contract was up four cents at US$3.03 per mmBTU.
The December gold contract was down US$8.80 at US$1,992.80 an ounce and the December copper contract was down five cents at US$3.76 a pound.
鈥� With files from The Associated Press
This report by The Canadian Press was first published Nov. 22, 2023.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
Rosa Saba, The Canadian Press
