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Markets: S&P/TSX composite up by Monday close


Canada’s main stock index was up Monday, continuing Friday’s rally, while U.S. markets were also up.

The S&P/TSX composite index was up 57.45 points at 18,918.40.

In New York, the Dow Jones industrial average was up 417.06 points at 31,499.62. The S&P 500 index was up 44.59 points at 3,797.34,while the Nasdaq composite was up 92.89 points at 10,952.61.

There’s a lot of hope that the Fed’s aggressive rate hike cycle is coming close to an end, said Lyle Stein, president of Forvest Global Wealth Management Inc.

The Bank of Canada is widely expected to announce another oversized rate hike Wednesday.

Canada is in a more precarious position than the U.S. due to its sensitivity to the housing market, said Stein. A 50-point hike this week risks being too little to curb imported inflation, and a 75-point hike risks damaging the housing market.

“We’re in a bit of a pickle here.”


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