U.S. equity markets climbed on Monday as investors digested the regulatory response to uncertainty in the Financials sector over the weekend. By the close, the Dow gained 383, the S&P 500 rose by 35, and the Nasdaq climbed 45 points. In Canada, the TSX added 132 points.
On Tuesday, U.S. and Canadian equity markets ended higher ahead of Wednesday’s interest rate decision by the U.S. Federal Reserve Board (“Fed”). By the day’s close, the Dow rose 316 points, the S&P 500 gained 51, and the Nasdaq climbed 185. In Canada, the TSX advanced 135 points, supported by the Health Care sector.
North American markets dropped on Wednesday after Fed chair Jerome Powell commented that interest rate cuts this year are unlikely. Meanwhile, U.S. Treasury Secretary Janet Yellen said that the government is not preparing to expand deposit insurance. The Dow lost 530 points by the close, while the S&P 500 dropped 66 and Nasdaq fell 190 points, respectively. In Canada, the TSX saw a 122-point fall driven by weakness in the Health Care sector.
On Thursday, U.S. equities advanced as investors took a more bullish approach to equities despite the Fed’s suggestion that it would likely keep raising rates. By the end of trading, the Dow climbed 75 points, while the S&P 500 and Nasdaq gained 12 and 117 points, respectively. In Canada, the TSX declined by 73 points.
source https://rosenbergdri.ca/feds-rate-hike-decision-keeps-investors-on-the-ropes/
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