Strength in the energy and industrial sectors helped give Canada’s main stock index a near 300-point increase in Wednesday trading. The health care and utilities sectors were the only decliners.
While U.S. economy dangles on the brink of recession, the Federal Reserve raised interest rates by 75 basis points for the second straight time to control accelerating inflation.
The Federal Open Market Committee decided unanimously to raise the target range for the federal funds rate to a 2.25 percent – 2.5 per cent range, in line with expectations.
Today in the Markets
The Canadian dollar traded for 77.97 cents US compared to 77.55 cents US on Tuesday.
US crude futures traded 3.32 per cent higher at $98.13 a barrel, while the Brent contract gained 2.85 per cent to $107.40 a barrel.
The price of gold was up US$16.21 to US$1,734.80.
In world markets, the Nikkei was up 60.54 points to 27,715.75, the Hang Seng was down 235.84 points to 20,670.04, the FTSE was up 49.48 points to 7,355.76, and the DAX was up 69.45 points to 13,166.38.
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