23:49:02 EDT Thu 16 May 2024
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Globe/wire say TSX makes gains on energy, financials

2023-11-30 09:17 ET - In the News

The Globe and Mail reports in its Thursday edition that North American stock markets ended mixed on Wednesday as a robust upward U.S. GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy ahead of inflation data due today. Nasdaq joined the S&P 500 in negative territory, while the Dow ended nominally higher, as investors took a wait-and-see position ahead of Thursday's crucial personal consumption expenditure inflation report. The S&P/TSX Composite Index ended higher, supported by gains in energy and financials. Despite the indexes' languid movement over the last three sessions, November has been a banner month. The S&P 500 remains on track to notch its biggest monthly percentage gain since July, 2022. The Canadian benchmark index so far this month is up 6.6 per cent. "The market has had huge returns, so there's certainly profit taking and repositioning; there's some consolidation going on here," said Tim Ghriskey at Ingalls & Snyder in New York. Fed governor Christopher Waller, widely considered a hawk, provided reassurance on Tuesday that the Fed has probably reached the end of its rate hike cycle.

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