Rising U.S. Rate Cut Hopes Lift Canadian Shares
Canadian stocks closed higher as a report of a sharp drop in U.S. consumer confidence bolstered hopes for lower U.S. interest rates. The Federal Reserve Bank is widely expected to cut rates by 50 basis points Wednesday to help extend U.S. economic growth. The TSE 300 rose 46.18 to 9348.40. The S&P/TSE 60 rose 2.85 to 556.77. Breadth was 763-499 positive. All major market sectors advanced except for oil and gas, and utilities. Government of Canada bonds settled higher. The March Canadian dollar settled lower at 66.52 cents vs. US$. The March crude oil price settled flat at $29.06. The February gold price settled $2.70 higher at $265.50.
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