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TSX at 4pm: Up 51 Pts, Buoyed By Yellen's Comments and China's Economic Reforms
By: MT Newswires
Canada's main stock index closed at 13482.57 points after adding 51.19 points.
The exchange was boosted by comments from the Federal Reserve's Vice Chair Janet Yellen, who said that the U.S. economy still needs Fed Reserve support as unemployment levels are too high. Yellen is tipped to take over as head of the U.S. central bank.
Economic reforms announced by China also provided support.
China's government pledged to allow more private investment in the state sector, loosen its one-child policy and better protect farmers' rights to land, according to the Xinhua News Agency today.
The TSX saw miners lose heavily -- Colossus Minerals shed 52.3% to close at a record low of 20.5 cents. The shares plunged to 17.5 cents today. Niko Resources, the second most traded, also fell to a new low, closing at $1.35.