S&P/TSX composite up, U.S. stock markets also rise Friday after Powell speech

TORONTO — Canada's main stock index climbed on Friday, buoyed by strength in the energy sector, while U.S. markets also rose following a speech by U.S. Federal Reserve chair Jerome Powell, who said future decisions on interest rates will be based on what the incoming data says about inflation and the economy.

The S&P/TSX composite index was up 59.92 points at 19,835.75.

In New York, the Dow Jones industrial average was up 247.48 points at 34,346.90. The S&P 500 index was up 29.40 points at 4,405.71, while the Nasdaq composite was up 126.67 points at 13,590.65.

The Canadian dollar traded for 73.50 cents UScompared with 73.72 cents US on Thursday.

The October crude contract was up 78 cents at US$79.83 per barrel and the October natural gas contract was up two cents at US$2.66 per mmBTU.

The December gold contract was down US$7.20 at US$1,939.90 an ounceand the September copper contract was down a penny at US$3.76 a pound.

This report by The Canadian Press was first published Aug. 25, 2023.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press