TSX advances as Alcoa beats expectations
Malcolm Morrison, The Canadian Press
Published Wednesday, April 9, 2014 5:33AM EDT
Last Updated Wednesday, April 9, 2014 4:36PM EDT
TORONTO -- The Toronto stock market closed higher as minutes from the Federal Reserve's latest interest rate meeting were taken to indicate that the U.S. central bank will be more accomodative than thought in keeping short-term rates low.
The S&P/TSX composite index was up 63.13 points to 14,435.58.
The Canadian dollar climbed 0.42 of a cent to 91.98 cents US.
New York indexes ran ahead as the minutes showed that Fed officials had a secret video conference call in early March where they reached a consensus that the 6.5 per cent unemployment rate threshold for the first rate hike had become outdated.
The Fed settled on an open-ended approach -- that even after employment and inflation are nearly back to normal, short-term rates may need to stay unusually low for a while because the economy hasn't fully recovered.
The Dow Jones industrials jumped 181.04 points to 16,437.18, the Nasdaq rose 70.91 points to 4,183.9 and the S&P 500 index gained 20.22 points to 1,872.18.