North American markets surge as new data shows inflation may have already peaked
Canada's main stock index made triple-digit gains Wednesday while U.S. markets also soared on the release of new data suggesting U.S. inflation may have finally peaked.
The S&P/TSX composite index closed up 307.64 points at 19,885.94.
In New York, the Dow Jones industrial average was up 535.10 points at 33,309.51. The S&P 500 index was up 87.77 points at 4,210.24, while the Nasdaq composite was up 360.88 points at 12,854.81.
The Canadian dollar traded for 78.19 cents US compared with 77.64 cents US on Tuesday.
The September crude contract was down US$1.43 at US$91.93 per barrel and the September natural gas contract was up 37 cents at US$8.20.
The December gold contract was up US$1.40 at US$1,813.70 an ounce and the September copper contract was up six cents at US$3.65 a pound.
This report by The Canadian Press was first published Aug. 10, 2022.
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