Consistent gains in commodity prices across the board and the latest U.S. wholesale inflation data, which largely matched expectations, propelled Canadian stocks to new heights on Thursday. Not only did the S&P/TSX Composite Index reach a record intraday high of 23,483, but it also ended the day at a fresh all-time high of 23,475, up by 264 points or 1.1%.
Despite minor weakness in healthcare stocks, strong gains in other key sectors, such as mining, utilities, and consumer, mainly drove the TSX benchmark higher.
According to the U.S. Bureau of Labour Statistics, the country’s Producer Price Index (PPI) saw a 0.2% rise in August, following no change in July. While prices for goods remained unchanged, an increase in prices for final-demand services led to an uptick in wholesale inflation last month.
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