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    Home»Market»At the Bell: TSX Maneuvers Split Market, Closing out the Week
    Market

    At the Bell: TSX Maneuvers Split Market, Closing out the Week

    Alexander LeeBy Alexander LeeSeptember 21, 2024Updated:September 21, 2024No Comments2 Mins Read
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    After a week marked by fluctuations between record highs and significant losses, Canada’s primary stock index closed out the week with a mix of gains and losses that mirrored activity on Wall Street. The market saw a pullback as traders assessed the impact of a U.S. interest rate cut, which had driven a rally on the TSX earlier in the week.

    Following a record-setting rally in the U.S. markets, investor confidence surged as the Federal Reserve initiated an easing cycle with a substantial 50-basis-point rate cut and hinted at further reductions. The central bank also signaled expectations for sustained economic growth, low unemployment, and controlled inflation. The resulting gains on Wall Street were reflective of the positive momentum in European and Asian markets post-Fed rate cut – the first in over four years.

    The Canadian dollar was valued at 73.74 cents U.S., a slight decrease from 73.75 cents U.S. on the previous day. U.S. crude futures traded up $0.40 at $72.35 a barrel, while the Brent contract rose by $0.04 to $74.92 a barrel. The price of gold also rose to US$2,625.30, an increase of US$37.95.

    In global markets, the Nikkei rose by 568.58 points to 37,723.91, the Hang Seng increased by 245.41 points to 18,258.57, the FTSE dropped by 98.73 points to 8,229.99, and the DAX decreased by 282.37 points to 18,720.01.

    It is important to note that the information provided in this article is for informational purposes only and should not be considered as investment advice. For a comprehensive disclaimer, please visit the link provided.

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    Alexander Lee
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    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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