Aug 31, 2012 / 7:08 am
The Toronto stock market was higher Friday amid data showing the Canadian economy grew faster than expected during June and higher prices for oil and metals.
However, the strength of the day's trading will hinge largely on market reception to a much-anticipated speech by U.S. Federal Reserve chairman Ben Bernanke and whether he signals another round of economic stimulus is in the works.
The S&P/TSX composite index gained 55.37 points to 11,942.02, while the TSX Venture Exchange was 4.01 points higher to 1,221.97.
The Canadian dollar rose 0.5 of a cent to 101.28 cents US as Statistics Canada said gross domestic product increased by 0.2 per cent, against the 0.1 per cent rise that economists had expected. This translated into a 0.5 per cent gain for the second quarter with growth helped along by rising business investment.
The agency reported that GDP expanded at an annual rate of 1.8 per cent in the April-June period, slightly better than the 1.7 per cent pace recorded in the U.S.
U.S. markets also made solid advances, with the Dow Jones industrials up 110.65 points to 13,111.36.
The Nasdaq composite index climbed 17.89 points to 3,066.6 and the S&P 500 index ran up 9.51 points to 1,408.99.
Traders had been encouraged for much of August that signs of a slowing global economy in mid-summer indicated that central banks would step in with more stimulus to keep the recovery on track.
Read more Business News
|QHR Technologies Inc||0.56||-0.01|
|Anavex Life Sciences||0.475||-0.025|
|Copper Mountain Mining||1.73||-0.02|
Owning a business is a daily battle. Customers reduce everything to the most easily comparable factors – apples to apples – and dollars per unit. Business owners must constantly strive to...
I had a crazy thought a few years ago. I was in the lobby of a Church talking to Matt Blacklock. Matt is a friend and ultra-marathon runner who has tackled some of Canada’s toughest long distan...
I vowed when I started this column twenty-five years ago that I wasn’t going to write about politics and I have held the line until today but this item is really about questions. I looked back o...
- Loonie heads lower
- Loonie takes a short dive
- Music industry biggies donate $70M
- IRS investigated for tea party targeting
- Loonie weakens as commodities fall
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral