The S&P/TSX composite index added 53.36 points to 15,109.25, pushed up by gold and material stocks to surpass its previous record close set six years ago to the day in
The Canadian dollar rose 0.12 of a cent to
In its latest policy announcement, the U.S. central bank said it will stay on track and will with reduce its monthly bond buyback program by a further
The Fed did not say when it might start raising its short-term benchmark rate, only that it plans on keeping rates low "for a considerable time" after it ends all the bond purchases.
Most economists think a rate increase is still at least a year away despite recent signs of rising inflation, which chair
Macan Nia, manager of the portfolio advisory group at
"Given the evaluation of the U.S. market, which we believe is fairly valued, it won't be a catalyst for dramatic movement," said Nia. "The market is earnings driven and based on more about the underlying economy rather than the continuation of easing monetary policy. I don't think the market expects anything different."
In corporate news, the federal government gave conditional approval Tuesday for
Nia said there wasn't a lot of reaction from energy and currency traders because the approval came with so many caveats.
"It was the market expectation that the federal government would approve," he said. "But that's just the first checkmark of a long list of checkmarks that
The TSX energy sector was up 0.20 per cent despite the decline in
Gold was the leading advancer on the TSX with a 2.5 per cent gain as August bullion rose
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