23:27:04 EDT Thu 16 May 2024
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Globe/wire say TSX ends flat after Fed's latest hike

2023-07-27 09:02 ET - In the News

The Globe and Mail reports in its Thursday edition that U.S. and Canadian stocks ended Wednesday little changed after a Federal Reserve rate increase that left the door open for future hikes. A Reuters dispatch to The Globe says, however, that a small advance for the Dow was enough for it to score a 13-day winning streak -- its longest since 1987. The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th hike in the U.S. central bank's past 12 policy meetings. Fed chair Jerome Powell said the central bank will make decisions meeting by meeting, closely watching economic data, but noted that a rate cut is very unlikely this year. Mr. Powell's message was clearly that the Fed will wait and see economic data to make new decisions, said Brent Schutte at Northwestern Mutual Wealth Management. "I think the Fed won't stop until they see wage inflation down," he said. The S&P/TSX Composite Index ended up 10.11 points. Health care jumped 4 per cent, helped by a gain of 15.9 per cent for shares of Tilray Brands after the cannabis producer reported quarterly revenue that beat analysts' estimates. Rogers shares also climbed after posting its second quarter results.

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