Canada’s main stock index rose to an 18-month high on Friday, with the index posting broad-based gains ahead of the Christmas holiday weekend as cooling U.S. inflation bolstered investor hopes of a soft landing for the economy.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 115.46 points, or 0.6 per cent, at 20,881.19, its highest closing level since June 2022.
For the week, the index added 1.7 per cent. It is set to be closed on Monday and Tuesday for Christmas Day and Boxing Day, respectively.
U.S. benchmark the S&P 500 also gained as data showed that U.S. prices fell in November for the first time in more than 3-1/2 years, boosting financial market expectations of an interest rate cut from the Federal Reserve next March.
“Equity markets are closing 2023 on a strong note, with a sharp decline in Treasury yields, the prospect of 2024 rate cuts and a coveted soft landing all on investors’ radar,” Robert Kavcic,…
