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S&P/TSX composite index rises after Bank of Canada rate cut, U.S. markets rally

Written by on June 5, 2024

TORONTO — Gains in base metals, utilities and industrials helped lead Canada’s main stock index higher Wednesday, after the Bank of Canada announced a highly anticipated interest rate cut, while U.S. markets rallied, with the Nasdaq gaining almost two per cent.

The S&P/TSX composite index closed up 166.84 points at 22,145.02.

In New York, the Dow Jones industrial average was up 96.04 points at 38,807.33. The S&P 500 index was up 62.69 points at 5,354.03, while the Nasdaq composite was up 330.86 points at 17,187.90.

The Canadian dollar traded for 73.01 cents US compared with 73.09 cents US on Tuesday.

The July crude oil contract was up 82 cents at US$74.07 per barrel and the July natural gas contract was up 17 cents at US$2.76 per mmBTU.

The August gold contract was up US$28.10 at US$2,375.50 an ounce and the July copper contract was up seven cents at US$4.61 a pound.

This report by The Canadian Press was first published June 5, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press