Canada’s main stock index moved higher Wednesday after the Bank of Canada announced a highly anticipated interest rate cut, while U.S. markets rallied, with the Nasdaq gaining almost two per cent.
The S&P/TSX composite index closed up 166.84 points at 22,145.02.
In New York, the Dow Jones industrial average was up 96.04 points at 38,807.33. The S&P 500 index was up 62.69 points at 5,354.03, while the Nasdaq composite was up 330.86 points at 17,187.90.
The Bank of Canada cut its key interest rate by a quarter-percentage-point to 4.75 per cent, a move that was widely expected by market watchers.
Economic data has been showing continued signs of cooling under the weight of higher interest rates, which were near zero in early 2022 before the central bank began hiking to try and curb inflation.
Governor Tiff Macklem indicated the central bank is gaining confidence…
