The Globe and Mail reports in its Thursday, July 3, edition that Canada's main stock index reached a new record high on Wednesday, driven by gains in resource and consumer discretionary shares. A Reuters dispatch to The Globe reports that investors are optimistic about potential Federal Reserve interest rate cuts despite global economic uncertainty. The S&P/TSX Composite Index rose 12.55 points, or 0.1 per cent, to close at 26,869.66, surpassing its previous record set on Monday. PenderFund Capital Management's Greg Taylor says: "The market continues to climb the wall of worry. There is a lot of fear out there but I think that kept a lot of people out of the market." Markets opened lower after an unexpected drop in U.S. private payrolls for June, along with downward revisions for the prior month. However, they rebounded before lunch as the U.S. and Vietnam reached a trade agreement imposing 20-per-cent tariffs on many Vietnamese exports. The S&P Global Canada Manufacturing Purchasing Managers' Index edged down to 45.6 in June from 46.1 in May. Consumer discretionary rose 2.4 per cent, driven by a 7.8-per-cent gain in Magna International shares, while Bombardier's shares surged 21.4 per cent.