After falling for two consecutive sessions, Canadian stocks turned positive on Thursday as much stronger-than-expected U.S. GDP (gross domestic product) growth data and a rebound in commodity prices boosted investors’ confidence. The S&P/TSX Composite Index rose by 101 points, or 0.4%, to settle at 23,227.
Despite weakness in real estate and consumer cyclical stocks, solid intraday gains in other market sectors, such as mining, financials, and technology, led the TSX rally.
According to the revised estimate from the Bureau of Economic Analysis, the U.S. economy expanded at an annualized rate of 3.0% in the second quarter of 2024, up from the initial 2.8% estimate. This GDP growth was mainly driven by strong consumer spending, private inventory investment, and nonresidential fixed investment, while a downturn in residential investment partially offset these gains.
Top TSX Composite movers and active stocks
Canadian Imperial Bank…
