TORONTO – Canada’s main stock index gained 1.2 per cent Thursday in a broad-based rally, while U.S. markets also soared to trade near recent record highs.
Markets rose in a broad-based rally on both sides of the border, led by gains in tech with the Nasdaq up 2.3 per cent.
In New York, the Dow Jones industrial average was up 554.67 points at 40,563.06. The S&P 500 index was up 88.01 points at 5,543.22, while the Nasdaq composite was up 401.89 points at 17,594.50.
The S&P/TSX composite index closed up 272.71 points at 23,032.72.
This week, markets are retracting their recent weakness, said Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management, as concerns that the central bank has been too slow to cut interest rates ease somewhat.
“There’s optimism coming back into the…
