By Promit Mukherjee and Nikhil Sharma
(Reuters) -Shares on the main stock index in Toronto rebounded on Thursday, recouping half of the losses of the past two days, as stocks across a raft of sectors jumped after an upward revision in U.S. economic growth allayed fears of a recession.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 100.32 points, or 0.43%, to 23,227.30, inching back to an all-time high seen earlier in the week.
U.S. gross domestic product for the second quarter grew at a 3% annualized rate on higher consumer spending, quelling fears of an economic slowdown in the United States.
“This positive news has really solidified investors’ expectations for that optimistic soft landing,” said Candice Bangsund, vice president and portfolio manager, global asset allocation at Fiera Capital Corporation.
A soft landing is essentially a scenario where interest rates are high enough to bring inflation down to a central…
