Nov 07, 2024 (Baystreet.ca via COMTEX) --
Canada's main stock index opened higher on Thursday, led by gains in energy shares, as investors awaited the U.S. Federal Reserve's monetary policy decision later in the day.
The TSX was ahead 82.36 points to open Thursday at 24,719.81.
The Canadian dollar forged ahead 0.43 cents to 72.12 cents U.S.
Donald Trump's return to the White House, with his tariffs and immigration policies, could seriously impact the world economy. Canada, the world's number-four crude oil producer, is especially vulnerable due to his proposed 10% tariff on all imports.
In corporate news, Manulife Financial posted a better-than-expected third-quarter profit, as the Canadian insurer benefited from a robust performance in its Asia and wealth management businesses. Manulife shares jumped $1.55, or 3.6%, to $45.12
ON BAYSTREET
The TSX Venture Exchange eked up 1.68 points to 603.79.
The 12 TSX subgroups were evenly divided, as information technology gained 1%, real-estate was stronger by 0.8%, and materials picked up 0.6%.
The half-dozen laggards were weighed most by communications, sliding 2.4%, energy, down 0.5%, and health-care, off 0.4%.
ON WALLSTREET
Stocks rose slightly Thursday, hitting record highs, after a huge market rally following Donald Trump's decisive victory in the presidential election. Traders are also awaiting the Federal Reserve interest rate decision Thursday afternoon.
The Dow Jones Industrials advanced 37.63 points to 43,767.56.
The S&P 500 index hiked 31.88 points to 5,960.92.
The NASDAQ jumped 193.31 points to 19,196.77. All three improved on Wednesday's record highs.
Financial stocks, which surged on Wednesday, cooled a bit on Thursday. Shares of JPMorgan Chase fell 2% and American Express dipped 1.7%, weighing on the Dow.
Big Tech stocks moved higher, with Apple and Nvidia each gaining more than 1%.
Market participants on Thursday will closely monitor the Federal Reserve's interest rate decision and Chair Jerome Powell's subsequent press conference. Fed funds futures are currently pricing in a 100% likelihood that the central bank lowers the borrowing cost at this gathering,
A rate reduction Thursday would mark a second straight cut after the Fed's decrease in September, which was its first since 2020.
Prices for the 10-year Treasury barreled ahead, lowering yields to 4.36% from Wednesday's 4.44%. Treasury prices and yields move in opposite directions.
Oil prices dipped 71 cents to $70.98 U.S. a barrel.
Prices for gold regained $25.70 an ounce to $2,702 U.S.
COMTEX_459565225/2559/2024-11-07T10:42:53
