Canada’s main stock index rose on Monday, benefiting from a broadening of the recent rally to include stocks considered cheap compared to their fundamental valuations, although gains were restrained ahead of a key U.S. inflation report. The S&P 500 ended slightly lower while bitcoin continued to attract considerable attention, rallying to another record high.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 31.69 points, or 0.2%, at 21,769.22 but stopping short of the near two-year high it notched on Thursday at 21,794.56.
“That broader uptrade persists but today we are seeing some indecision ahead of the U.S. CPI report,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
The U.S. consumer price index report for February, due on Tuesday, could help guide expectations for the start of Federal Reserve interest rate cuts. Expectations are for a monthly increase of 0.4% and 3.1% on an annual basis.
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