CLOSING BELL: Federal Reserve expects economic growth to continue
A positive day on Bay Street as the TSX got a push ahead of the U.S. Federal Reserve’s latest policy update.
Before the minutes came out investors were putting their money into gold. Most of the TSX’s sectors were up though, with financials leading the way, for a close of 15,524, up 84 points.
Speaking of the Federal Reserve, it announced today it expects economic growth to continue in 2018 faster than originally projected. Despite that the Dow Jones gave up early gains to close down at 24,797, a loss of 166 points.
Meanwhile in a sign things on the markets continue to calm down from the upheaval earlier this month the VIX, which measures short term volatility, dipped to a low of 18.38 today.
The bread price-fixing scandal doesn’t seem to have affected the way a lot of Canadians look at retailers. 47 per cent of respondents to an Argyle Public Relationships and Leger Research poll said the scandal hasn’t made them see their grocer any worse or better than before.
And in afterhours trading as of presstime oil is down 66 cents to $61.13 U.S. per barrel, thanks to gains by the dollar and higher U.S. production, gold is down five dollars to $1326 U.S. an ounce, and the loonie is down a third of a per cent to 78.80 cents U.S.