By Twesha Dikshit
Canada’s main stock index rose on Thursday, with tech shares offsetting declines in gold and mining stocks, a day after the Bank of Canada and the U.S. Federal Reserve cut rates by a quarter-point and left the door open for further reduction.
Toronto’s S&P/TSX composite index TSX gained 0.3% to 29,420.03 points by 10:00 ET (1400 GMT) in choppy early trading.
The BoC reduced its key policy rate to a three-year low of 2.5% in a unanimous decision, adding that it would be ready for further cuts if the economy needed them.
The Fed also expressed a dovish sentiment, projecting two more cuts for the year.
“Markets continue to ride the positive momentum after central banks showed that they are willing to respond to some economic softness and also cooling in the labor market,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
“The TSX has been riding the gold wave and we have seen the biggest rally in gold…
