S&P/TSX composite rebounds from early losses on signs of strong economic recovery

TORONTO — Canada’s main stock index reversed early losses to close higher Friday on signs of a quicker economic recovery that sent crude oil prices to a near two-year high. The S&P/TSX composite index closed up 255.24 points to 18,380. TORONTO — Canada’s main stock index reversed early losses to close higher Friday on signs of a quicker economic recovery that sent crude oil prices to a near two-year high. The S&P/TSX composite index closed up 255.24 points to 18,380.96 after hitting an intraday low of 17,998.32. The market faltered early, a day after Federal Reserve chairman Jerome Powell failed to reassure investors that interest rates would remain stable until full employment is restored. Sentiment changed due to stellar U.S. employment numbers in February that reinforced expectations about a strong economic recovery in the back half of the year. U.S. employers added 379,000 jobs last month, the most since October, while the unemployment rate fell to 6.2 per cent. The numbers beat expectations and compared with 166,000 gains in January and a loss of 306,000 jobs in December. Nonetheless, millions of Americans remain unemployed because of COVID-19. The employment data shows the economy can recover very quickly from short-term […]

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.