Despite sharp declines in metals prices, Canadian stocks trended upward on Monday as investors largely reacted positively to the Federal Reserve chair Jerome Powell’s comments about the economic outlook and monetary policy. The S&P/TSX Composite Index advanced by 44 points, or 0.2%, to close just above the key 24,000 level. With 9.7% gains in the third quarter, the index posted its best quarterly performance in over four years.
Even though weakness in gold, silver, and copper prices triggered a selloff in mining stocks yesterday, solid gains in other key sectors, including consumer, real estate, technology, and industrials, drove the TSX benchmark higher.
Speaking at the National Association for Business Economics Annual Meeting, Powell expressed confidence in the ongoing strength of the U.S. economy and highlighted substantial progress in reducing inflation. He emphasized that future rate cuts will be data-dependent, noting that…
