Surging commodity prices and rate cut hopes lifted the Canadian stock market on Wednesday, even though mixed U.S. consumer inflation data dimmed expectations for a major reduction in rates in the near term. The S&P/TSX Composite Index inched up by 208 points, or 0.9%, to 23,211, closing its highest level so far in September.
While all key sectors ended the session with gains, the market optimism was mainly driven by a strong rally in consumer cyclical, technology, and healthcare stocks.
In August 2024, the U.S. Consumer Price Index (CPI) ticked up by 0.2% on a seasonally adjusted basis, matching the increase seen in July. The core CPI, excluding food and energy, registered a 0.3% increase last month, with a rise in shelter, airline fares, motor vehicle insurance, education, and apparel.
Top TSX Composite movers and active stocks
Dollarama (TSX:DOL) was the top-performing TSX stock for the day, as it jumped by 8.2% to $135.53 per…
