TSX Climbs 107 Points at Midday As Rally in Industrials, Financials Cancel Out Decline in Miners
The TSX surged 107 points at midday as it recovers from a multi-day losing streak after comments from the U.S. Federal Reserve offered relief to investors and the latest reading on the U.S. GDP for Q2 helped alleviate concerns over the health of the global economy.
U.S. Fed Chair Janet Yellen reportedly said in her speech late Thursday that the bank is still open to the possibility of increasing key rates this year even after disappointing the markets when it decided to keep rates near zero in the much-awaited September meeting. Yellen, however, stated two conditions: that inflation remains stable and the economy, strong. Supportive of her statement, however, reports said the U.S. GDP for Q2 has been revised upward on the back of increased consumer spending and construction. Consequently, the dollar firmed, hurting gold and copper prices .
Only the mining and health care sectors were in the red, down 1.66% and 1.48%, respectively. Industrials were in the lead in the positive territory, up 1.68%, and followed by financials, which were ahead 1.25%. Energy gained a modest 0.46%.
Total volume traded so far reached 123.2 million shares. Bombardier (BBD-B.TO) was the most actively traded stock.
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