TSX hits record high as Fed chief signs off on rate cuts
TSX ends up 1.1% at 23,286.08
Posts a record closing high
Financials advance 1.2%
Energy adds 1.1%; oil settles 2.5% higher
Updates at market close
By Fergal Smith
Aug 23 (Reuters) -Canada's main stock index rose to a record high on Friday, with energy and financials contributing to broad-based gains as Federal Reserve Chair Jerome Powell endorsed the start of rate cuts, raising hopes the economy could avoid recession.
The S&P/TSX composite index .GSPTSE ended up 248.61 points, or 1.1%, at 23,286.08, eclipsing Wednesday's record closing high. For the week, the TSX added 1%, its third straight week of gains.
Wall Street's major indexes also rose after Powell said, "The time has come" to reduce interest rates. The Bank of Canada has already cut rates twice since June and is expected to continue easing over the coming year.
"I would characterize it as a soft landing type trade," said Mike Archibald, a portfolio manager at AGF Investments. "You have huge moves in financials - they benefit from rates coming down and loan growth picking up."
Financials, which account for 29% of the TSX's weighting, rose 1.2%, while energy was up 1.1% as the price of oil CLc1 settled 2.5% higher at $74.83 a barrel.
The materials group, which includes metal miners and fertilizer companies, advanced 1.2% as gold and copper prices rose. All 10 major sectors ended higher.
Shares of Canadian National Railway CNR.TO gained 1.6% and Canadian Pacific Kansas City CP.TO shares were up 1.3%, one day after the Canadian government moved to end a work stoppage at Canada's two major railroads.
The union representing workers at CN said the workers would strike on Monday after returning to work on Friday. A lockout at CPKC has yet to be officially lifted.
It's challenging for the economy to have both railroads shut at the same time, Archibald said, adding "it was largely expected that the government would quickly move to address this issue."
Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Anil D'Silva, Shreya Biswas and Cynthia Osterman
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
