TSX Up More Than 2% On All-round Buying As Investors Bet On Fed Rate Cut Hopes
(RTTNews) - The Canadian market is up sharply on Tuesday with traders picking up stocks across the board, betting on hopes of an interest rate cut by the Federal Reserve next month.
Friday's weak U.S. non-farm payroll data has fueled hopes the Fed will cut interest rate soon to boost growth.
Materials, healthcare, information technology, consumer, industrials and financials shares have moved up sharply. Several stocks from real estate and utilities sectors are also up with strong gains.
The benchmark S&P/TSX Composite Index was up 547.94 points or 2.03% at 27,568.37 a little while ago.
The Materials Capped Index is up 5.4%. The Healthcare Capped Index and the Information Technology Capped Index are up 2.9% and 2.5%, respectively.
The indices measuring the performances of stocks consumer staples, consumer discretionary, industrials, financials and real estate sectors are up 1.2 to 1.7%.
In economic news, data from Statistics Canada showed Canada posted a seasonally adjusted trade deficit of C$5.9 billion in June, widening from the revised C$5.5 billion in the previous month. Imports increased by 1.4% from the six-month low in the previous month to C$67.6 billion, the first increase four months. Exports rose by 0.9% from the previous month to C$61.7 billion.
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