* TSX up 1.4%
* Materials drive gains, up 2.4%
July 10 (Reuters) – Canada’s main stock index rose on
Wednesday, boosted by gold shares, ahead of U.S. economic
reports which could provide further clues on the Federal
Reserve’s monetary policy path.
The Toronto Stock Exchange’s S&P/TSX composite index
closed up 307.73 points, or 1.4%, at 22,350.23.
Materials led sectoral gains, rising 2.2%. They
tracked spot gold prices which rose on a stronger case
for U.S. interest rate cuts sooner.
South of the border, the S&P 500 crossed 5,600 for
the first time as Fed Chair Jerome Powell’s comments this week
boosted expectations for a rate cut in September.
Powell
said
in his second day of congressional testimony that he was
not ready to conclude that inflation was moving sustainably down
to 2%, although he expressed…
