Toronto Stock Market closes at new record high
Posted June 18, 2014 1:33 pm.
This article is more than 5 years old.
TORONTO (NEWS1130) – The Toronto stock market closed at a new record high as traders received reassurances from the US Federal Reserve that it likely won’t move on interest rates until 2015.
The S&P/TSX composite index added 53.36 points to 15,109.25, pushed up by gold and material stocks to surpass its last record set in June 2008.
The Canadian dollar rose 0.12 of a cent to 91.17 cents US.
In the US, the Fed announced it will reduce its monthly bond buyback program by $10 billion US to $35 billion US a month starting in July, as signs of a recovering economy continue to emerge.
Traders were watching to see if the central bank would give any hints about when it might start raising interest rates, but all it said was that it plans on leaving it low “for a considerable time” after it ends its bond purchases.
Most economists think a rate increase is still at least a year away despite recent signs of rising inflation.
On Wall Street, the Dow Jones industrials ran up 98.13 points to 16,906.62, the Nasdaq added 25.60 points to 4,362.84, and the S&P 500 index racked up 14.99 points at 1,956.98.
In Iraq, Islamic militants attacked the country’s largest oil refinery after capturing a large portion of northern territory in the past week.
The July crude contract dropped 39 cents to $105.97 US a barrel.
August bullion rose 70 cents to $1,272.70 US an ounce while July copper was unchanged at $3.06 US a pound.
