Relief rally lifts TSX and Wall Street after first Fed hike since 2023
The S&P/TSX composite index closed up 382.99 points at 35,874.26 on Thursday, on gains in the mining sector, the Canadian Press reported.
The Canadian dollar traded at 71.49 cents US, down from 71.70 cents US on Wednesday, and the December gold contract gained US$12.20 to close at US$4,399.70 an ounce.
Robert Conzo, chief executive officer at The Wealth Alliance, told CNBC the market’s reaction could be summed up in one word, “relief.”
He said the market still faces the possibility of “extreme” volatility depending on how the conflict in the Middle East unfolds.
The decision “should reassure stock and bond investors worried about inflation running out of control and pushing longer-term yields higher,” David Russell, global head of market strategy at TradeStation, said in commentary sent to Wealth Professional.
