Higher bond yields to have a negative effect on Canadian stocks, time to move away from TSX
Canada's main stock index gained almost 300 points on a broad-based rally led by base metal stocks as the price of oil reached US$90 per barrel, while U.S. stock markets also rose.
The S&P/TSX Composite Index closed up 288.90 points, or 1.42 per cent, at 20,567.84.
In New York, the Dow Jones Industrial Average was up 331.58 points at 34,907.11. The S&P 500 Index was up 37.66 points at 4,505.10, while the Nasdaq Composite was up 112.47 points at 13,926.05.
The Canadian dollar traded for 73.99 cents U.S. compared with 73.80 cents U.S. on Wednesday.
The October crude contract was up US$1.64 at US$90.16 per barrel. The October natural gas contract was up three cents at US$2.71 per mm/BTU.
The December gold contract was up 30 cents at US$1,932.80 an ounce and the December copper contract was up three cents at US$3.82 a pound.
This report by The Canadian Press was first published Sept. 14, 2023.