The Globe and Mail reports in its Thursday, March 7, edition that Canada's main stock index rose on Wednesday to a near two-year high, led by gains for the materials sector, as the Bank of Canada and the U.S. Federal Reserve continued to signal a move to lower interest rates ahead. A Reuters dispatch to The Globe reports that Wall Street's three major indexes also rose. First Avenue Investment analyst Ian Chong says there was a lack of "hawkish" surprises from the BOC and the Fed. He says, "They seem to communicate a very consistent message that rates should come down later in the year should economic data continue to be supportive of that." Federal Reserve chairman Jerome Powell told lawmakers that the Fed still expects to reduce interest rates later this year, while the BOC reiterated that the discussion at the central bank has shifted from whether the rates were restrictive enough to how long they needed to stay at their current level. Along with Mr. Powell's testimony, Janney Montgomery Scott analyst Mark Luschini says Wednesday's U.S. economic data also boosted hopes for rate cuts and confidence in the labour market. He says: "The number of job openings shrivelled a bit, but are still quite healthy. ... [The] labour market is still looking pretty stout."