North American markets hit new records on strong U.S. bank earnings

North American stock markets hit record highs again Friday as strong earnings from some of the big U.S. banks painted a picture of an economy that is still humming.In New York, the Dow Jones industrial average was up 409.74 points to set a new record at 42,863.86. The S&P 500 index was up 34.98 points to hit a new all-time high at 5,815.03, while the Nasdaq composite was up 60.89 points at 18.342.94.

"Right now it's all about earnings and guidance going into 2025 for the U.S., and I think that will also roll into Canada," he said. But Petursson said the Fed could choose to not cut at all, given a report earlier this week that showed U.S. inflation at the consumer level isn't cooling as quickly as economists expected.

In addition, the central bank's own survey of consumer sentiment released Friday found Canadians were less pessimistic about their finances as summer wound down but are still not upbeat about the situation.

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