October 3, 2022

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S&P/TSX Composite Index Rebounds To Best Closing Level In Almost A Month

2 min read

Canadian stocks moved sharply higher over the course of the trading day on Thursday, more than offsetting the pullback seen over the two previous sessions.

The benchmark S&P/TSX Composite Index surged 318.09 points or 1.5 percent to 21,031.81, ending the session at its best closing level in almost a month.

The rally came stock as on Wall Street moved sharply higher amid optimism the Federal Reserve could alter its plans to aggressively raise interest rates in the light of some weak economic data.

Gold stocks helped lead the way higher, with the S&P/TSX Global Gold Index spiking by 3.6 percent. The strength in the sector came as gold for August delivery jumped $22.70 or 1.2 percent to $1,871.40 an ounce.

Significant strength also emerged among technology stocks, which jumped despite Microsoft (MSFT) lowering its fiscal fourth quarter guidance. Reflecting the strength in the sector, the S&P/TSX Capped Information Technology Index shot up by 3.4 percent.

Industrial, healthcare and consumer stocks also saw considerable strength on the day, while energy stocks moved modestly lower despite an increase by the price of crude oil.

On the economic front, Statistics Canada released a report showing the total value of building permits in Canada declined 0.6 percent in April to C$11.7 billion.

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2022-06-02 16:22:44

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