S&P/TSX, Nasdaq and S&P 500 hit record highs after speech from U.S. Fed chairman
TORONTO —
North American markets surged to record highs after a speech from the U.S. Federal Reserve chair that suggested it was in no rush to begin reducing economic stimulus measures.
Allan Small, senior investment adviser at IA Private Wealth, said the result was a broad based surge in confidence that led to all-time highs for Canada’s main stock index and the Nasdaq.
“I think people were envisioning the Fed being more open to tapering (its bond-buying program), but he gave no indication of tapering anytime soon,” said Small.
“So it was risk-on. Technology stocks went to the moon, energy went to the moon, really it’s an up day across most sectors.”
The S&P/TSX composite index shot up by 147.96 points at 20,652.11.
In New York, the Dow Jones industrial average was up 242.68 points at 35,455.80. The S&P 500 index was up 39.37 points to a new all-time high of 4,509.37, while the Nasdaq composite was up…
