Markets rise amid interest rate optimism while energy stocks fuel TSX gains

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TORONTO — Canada's main stock index gained more than 250 points Tuesday amid a broad-based rally led by energy stocks, while U.S. markets also rose on hopes that interest rates may have reached their peak.

In New York, the Dow Jones industrial average was up 134.65 points at 33,739.30. The S&P 500 index was up 22.58 points at 4,358.24, while the Nasdaq composite was up 78.60 points at 13,562.84.

On Tuesday, the president of the Federal Reserve Bank of Atlanta said she doesn’t think rates need to rise any further, echoing remarks on Monday from the Fed’s vice chair and the Dallas Fed president. The central bank’s next rate decision is Nov. 1. Longer-term bond yields have been heaping pressure on the stock market and are helping with the central bank’s fight against inflation, Chopra said: “The fact that long-term bond rates have risen means that the Federal Reserve may not need to continue raising rates.”Later this week, investors will get fresh U.S.

 

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