Canada’s main stock index hit a record high on Friday as investors celebrated US Federal Reserve Chair Jerome Powell showing some willingness towards future interest rate cuts at the Jackson Hole symposium.
According to Statistics Canada, retail sales rose by 1.5 per cent in June, reaching C$70.2 billion. Gains were recorded across all nine subsectors, with food and beverage retailers leading the way.
Meanwhile, the Dow Jones Industrial Average also reached a new peak after Powell’s remarks. As of the latest data, markets are pricing in an 85 per cent probability of a quarter-point rate cut at the Fed’s September meeting.
The recent optimism around potential rate cuts has boosted segments of the market that had previously lagged, prompting a shift from megacap tech stocks to small-cap and value-oriented investments.
| TSX | 28,333.13 | +277.70 |  |
| TSXV | 803.61 | +17.28 | |
| CSE | 158.82 | +0.31 | |
| DJIA | 45,631.74 | +846.24 | |
| NASDAQ | 21,496.53 | +396.22 | |
| S&P 500 | 6,466.91 | +96.74 | |
The Canadian dollar traded for 72.31 cents US compared to 72.90 cents US on Thursday.
US crude futures traded $0.25 higher at US$63.77 a barrel, and the Brent contract rose $0.17 to US$67.84 a barrel.
The price of gold was down US$35.25 to US$3,373.78.
In world markets, the Nikkei was up 23.12 points to ¥42,633.29, the Hang Seng was up 234.53 points to HK$25,339.14, the FTSE was up 12.20 points to ₤9,321.40, and the DAX was up 69.75 points to €24,363.09.
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