North American stock markets rise on confirmation of upcoming U.S. rate cuts

North American stock markets rise on confirmation of upcoming U.S. rate cuts
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TORONTO — North American stock markets rose, with U.S. markets hitting all-time highs, after the chairman of the U.S. Federal Reserve confirmed the central bank will cut interest rates because of a weakened economy.

The S&P/TSX composite index closed up 18.08 points at 16,563.29.

In New York, the Dow Jones industrial average was up 76.71 points at 26,860.20. The S&P 500 index was up 13.44 points at 2,993.07, while the Nasdaq composite was up 60.80 points at 8,202.53.

The Canadian dollar traded for an average of 76.38 cents US compared with an average of 76.18 cents US on Tuesday.

The August crude contract was up US$2.60 at US$60.43 per barrel and the August natural gas contract was up 1.9 cents at US$2.44 per mmBTU.

The August gold contract was up US$12 at US$1,412.50 an ounce and the September copper contract was up 6.9 cents at US$2.69 a pound.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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