© Reuters.
Investing.com — Canada’s main stock index, the S&P/TSX Composite was up by over 220 points by late afternoon trading on Friday, close to a 2- year high.
The Canadian index received a boost from broad risk-on sentiment following positive economic data in both the U.S. and Canada, and further support from commodities.
Energy stocks most helped boost the today, with crude prices more than 2% higher as markets await an OPEC+ decision on whether supply cuts will be extended.
Wall Street’s main indices also traded higher after the S&P500 and both hit record closing highs yesterday, fuelled by optimism from favourable PCE data – the Fed’s preferred measure of inflation – and U.S. GDP data that came in as expected. Yesterday’s better than expected domestic GDP data also helped boost sentiment in Canada.
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