Canada’s main stock index pared some of its earlier gains at the close of the trading day, while U.S.In New York, the Dow Jones industrial average was down 35.21 points at 38,712.21. The S&P 500 index was up 45.71 points at 5,421.03, while the Nasdaq composite was up 264.89 points at 17,608.44.
That marked “modest further progress” toward the U.S. Federal Reserve’s two per cent inflation target, officials said, sparking some hope it could be getting closer to cutting its benchmark interest rate from its 23-year peak.sent to your email, as it happens. The Fed held its key rate steady on Wednesday as policymakers said they are now forecasting one rate cut this year, down from a previous projection of three cuts.In holding its interest rate, the U.S. central bank diverged from many of its global counterparts, including the Bank of Canada, which have moved to begin lowering their key policy rates, said Jennifer Tozser, senior wealth adviser and portfolio manager with Tozser Wealth Management at National Bank Financial Wealth Management.U.S.
Last week, the Bank of Canada announced its first interest rate cut after a steep hiking cycle. The quarter-percentage-point cut was its first in more than four years, meaning its key interest rate now stands at 4.75 per cent.“It should be reflected in the fact the U.S. dollar outperforms the Canadian dollar.”The July crude oil contract was up six cents at US$78.50 per barrel and the July natural gas contract was down eight cents at US$3.05 per mmBTU.The August gold contract was up US$28.
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