Loonie up after Bank of Canada rate decision, Toronto stocks higher

Loonie up after Bank of Canada rate decision, Toronto stocks higher
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TORONTO — Gains in the key financial, industrial and material sectors helped Canada’s main stock index push higher, while the loonie gained ground following the Bank of Canada’s latest rate announcement.

The S&P/TSX composite index was up 85.59 points at 14,690.74.

In New York, the Dow Jones industrial average was up 97.87 points at 23,885.32. The S&P 500 index was up 6.09 points at 2,580.50, while the Nasdaq composite was up 33.83 points at 6,930.83.

The Canadian dollar traded for 75.58 cents US compared with an average of 75.23 cents US on Tuesday after the Bank of Canada kept its key rate on hold at 1.75 per cent, but said higher rates will be necessary over time.

The February crude contract was up US$1.09 at US$50.87 per barrel and the February natural gas contract was down 2.5 cents at US$2.94 per mmBTU.

The February gold contract was up US$5.30 at US$1,291.20 an ounce and the March copper contract was down 0.25 of a cent at US$2.65 a pound.

Index and currency in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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