By Stewart Lewis
U.S. Stock markets marched forward today, reflecting optimism about the overall interest rate picture.
Investing was driven by expectations the U.S. Federal Reserve won’t be raising interest rates again, at least not until after the U.S. presidential election in November. On the other hand, trading volumes were light. It would seem some market participants are vacationing in the lead up to the Labour Day long weekend.
The Dow Jones industrial average closed up 60.21 points to 11252.84. It has come out ahead in the last six successive sessions. The NASDAQ composite index rose 28.33 to 4071.01, closing above its end-of-1999 level for the first time since late July.
The U.S. financial sector was up today, another indication of optimism over a stable interest rate picture. J.P. Morgan gained $1.813 to $145.813 and Citigroup rose 68.70 cents to $57.875.
In Canada, the day wasn’t as positive. The Toronto Stock Exchange 300 composite index lost 21.59 points to 11,224.45 despite finishing the day with five of the sub-indices in the black. Traders and investors seemed to be away celebrating the last week of summer holidays.
Among the most traded stocks was Toronto-Dominion Bank, which closed up 85¢ to $41.65. Tech stocks were active today, too. Certicom dropped $5.05 to $45.25 while 724 Solutions added $4 to $56.
Bucking the North American trend, the Canadian Venture Exchange had a day of heavy trading — 43.2 million shares. It climbed just slightly, up 0.41 to 3426.17. Advancing issues numbered 279, decliners totaled 312 and 500 stocks closed unchanged.
The Canadian dollar ended the day at US67.43¢, up slightly from US67.37¢ on Friday. Currency trading was quiet because the U.K markets were closed in observance of a bank holiday.