Canada's main stock index gained almost one per cent Wednesday after dipping in the morning, with gains in metals, industrials and other sectors offsetting a slip in energy stocks, while U.S. markets posted stronger gains.
Comments by the head of the Federal Reserve sparked optimism in U.S. markets, said Greg Taylor, chief investment officer at Purpose Investments, with tech stocks posting strong gains and pulling the Nasdaq up by more than four per cent.
"He's definitely sending signals that the December meeting is going to be a 50-basis-point hike, and also talking more about slowing the pace of rate hikes," said Taylor.The S&P/TSX composite index was up 175.85 points at 20,453.26. Two banks reported earnings Wednesday: Royal Bank of Canada saw profits more or less unchanged from last year, while National Bank of Canada saw its profits go down four per cent.
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