Week-end Money Update – August 31, 2012
The Toronto stock market registered a solid gain amid signs of Canadian economic growth and U.S. Federal Reserve chairman Ben Bernanke kept the door open for another round of economic stimulus.
The S&P/TSX composite index rose 63 points to 11,949..
The Canadian dollar closed up 67-100ths to 101.45 cents US as Statistics Canada said gross domestic product increased by 0.2 per cent in June, against the 0.1 per cent rise that economists had expected.
The Dow Jones industrials moved up 90 points to 13,091 as Bernanke said that the Fed will act to promote growth as needed. The Nasdaq composite index climbed 18 points to 3,067.
Oil gained $1.85 to US$96.47 a barrel.
Traders are now looking ahead to the Fed’s next rate announcement on Sept. 14, after officials take in the release next Friday of the August job creation data.
There’s plenty of other market moving events next week, including Thursday’s interest rate announcement by the European Central Bank, when it’s hoped the ECB will announce moves to control borrowing costs of some of the weakest eurozone countries.
Check back for updated business and financial news Tuesday morning before the market open.