Toronto stock index sets record high, Wall St. mixed after Fed raises key rate

Toronto stock index sets record high, Wall St. mixed after Fed raises key rate
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TORONTO — Canada’s main stock index hit a record high, while American markets were largely ahead following the U.S. Federal Reserve’s widely-expected decision to raise short-term interest rates for the third time this year.

The S&P/TSX composite index was up 22.56 points to 16,136.59, after a record intra-day high set earlier in the morning at 16,187.85.

In New York, the Dow Jones industrial average advanced 80.63 points to 24,585.43. The S&P 500 index was down 1.26 points to 2,662.85 and the Nasdaq composite index was up 13.48 points to 6,875.80.

Fed policy-makers ended their two-day meeting today by raising the federal funds rate — what banks charge each other for short-term loans — by 0.25 percentage points to a still-low range of 1.25 to 1.5 per cent.

The Canadian dollar closed at an average trading price of 77.81 cents US, up 0.12 of a U.S. cent.

In commodities, the January crude contract was down 54 cents to US$56.60 per barrel and the January natural gas contract was up four cents to US$2.72 per mmBTU.

The February gold contract added US$6.90 to US$1,248.60 an ounce and the March copper contract was up three cents to US$3.05 a pound.

The Canadian Press

Note to readers: This is a corrected story. A previous version said the loonie was down from Tuesday’s close.

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