Canada’s main stock index rose to an all-time high on Monday, helped by gains for financial and metal mining shares, as investors awaited potential clues this week that the Federal Reserve could soon begin an interest rate cutting campaign.
The S&P/TSX composite index ended up 61.78 points, or 0.3%, at 23,116.39, moving past the record closing high it set on July 31. It was the eighth consecutive day of gains for the index, the longest such streak since April 2023.
Both the S&P 500 and the Nasdaq also rose for an eighth straight day, building on their largest weekly percentage gain of the year.
Recent data has shown U.S. consumer resiliency despite economic softening, boosting expectations that the Federal Reserve will start lowering interest rates at its September policy meeting by cutting the Fed funds target rate by 25 basis points.
Fed Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium, due on Friday, will be…
