After trading on a weak note for two consecutive sessions, Canadian stocks regained strength on Wednesday as the Bank of Canada (BoC) reduced interest rates by another 50 basis points, and U.S. consumer inflation data came in line with the expectations. These factors, coupled with sharp gains in commodity prices, drove the S&P/TSX Composite Index by 153 points, or 0.6%, to 25,658.
Despite weakness in many key sectors, including healthcare and utilities, healthy gains in mining, technology, and energy stocks were enough to push the TSX benchmark higher and revive investor confidence.
In his monetary policy press conference, BoC governor Tiff Macklem noted that inflation has returned to the 2% target, which allows the policy to shift its focus toward sustaining price stability while supporting economic growth.
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