The Globe and Mail reports in its Thursday edition that the S&P 500 and Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening U.S. economy raised hopes the Federal Reserve could cut interest rates in September. A Reuters dispatch to The Globe says that Canada's main stock index rose to a near four-week high, with metal mining stocks leading a broad-based rally as the U.S. dollar weakened. Both the U.S. ADP employment report and weekly jobless claims data pointed to easing labour market conditions ahead of Friday's closely watched non-farm payrolls report. "It's quite a strong unemployment claims number, and it's fitting in with an overall trend that's probably an indication of loosening up in the jobs market. It must be quite welcoming for the Fed," said David Morrison at Trade Nation. The S&P/TSX Composite Index ended up 269.87 points at 22,223.67. The U.S. 10-year Treasury yield eased about eight basis points to 4.35 per cent and the U.S. dollar touched a near three-week low against a basket of major currencies. The Toronto materials group rose 3.4 per cent, as a weaker U.S. dollar boosted gold and copper prices. The price of oil also rose, to $83.88 (U.S.) a barrel.