After a day of pause, Canadian stocks resumed their upward momentum on Wednesday, supported by positive investor reaction to the latest minutes of the Federal Open Market Committee (FOMC), which confirmed expectations of further interest rate cuts in the coming months. The S&P/TSX Composite Index rose by 150 points, or 0.5%, to close at 30,502, inching closer to its record high.
Even as a pullback in oil and gas prices drove energy stocks lower, solid gains in other key market sectors like technology and mining lifted the TSX benchmark.
In the latest minutes, the U.S. Fed acknowledged that “job gains have slowed” and that “downside risks to employment have risen,” strengthening hopes of further rate cuts in the near term.
Top TSX Composite movers and active stocks
K92 Mining (TSX:KNT) popped nearly 11% to $19.47 per share, making it the top-performing TSX stock for the day. This rally in KNT stock came after the…
