Strength in energy and base metal stocks helped lift Canada's main stock index on Wednesday, while U.S. stock markets were mixed but held relatively steady. Markets had a bit of a “rebound day” after two straight days of losses, said Steve Locke, chief investment officer for fixed income and multi-asset strategies at Mackenzie Investments. The S&P/TSX composite index closed up 37.36 points at 22,112.46. In New York, the Dow Jones industrial average was down 43.10 points at 39,127.14.
The S&P 500 index was up 5.68 points at 5,211.49, while the Nasdaq composite was up 37.01 points at 16,277.46. Fresh economic data helped rekindle some of investors’ optimism about interest rate cuts, as did a speech by U.S. Federal Reserve chair Jerome Powell, said Locke. A report from the Institute for Supply Management said construction, retail and other U.S. services businesses continued to grow last month, but not by as much as economists expecte
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