07:24:21 EDT Tue 22 Oct 2024
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Globe/wire say TSX at record high as Cu, Au prices rise

2024-09-25 08:41 ET - In the News

The Globe and Mail reports in its Wednesday edition that Canada's main stock index extended its record-setting run on Tuesday, led by gains for energy and metal mining shares, as major commodity importer China unveiled stimulus measures to boost its economy. A Reuters dispatch to The Globe says that the S&P 500 and Dow also ended at all-time highs. The S&P/TSX Composite Index ended up 57.51 points at 23,952.22, its fourth straight day of record closing highs. China's stimulus package, including interest-rate cuts, was broader than expected and marked the latest attempt by policy-makers to restore confidence in the world's second-largest economy. "When China is being stimulated, that definitely helps the price of oil and many other commodities move higher," said Allan Small at iA Private Wealth in Toronto. Taken together with the Federal Reserve cutting interest rates "you have all the makings of a good market in Canada," he added. The Toronto Stock Exchange's materials group rose 1.8 per cent as gold and copper prices climbed. The price of oil settled 1.7 per cent higher at $71.56 (U.S.) a barrel on China's stimulus measures and concerns that growing conflict in the Middle East could hit regional supply.

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