By Ketki Saxena
Investing.com – At the close in Toronto, the S&P/TSX Composite Index was at 20,383.75 points, up 0.48% in the day’s trading, following the release of meeting minutes by the Federal Reserve that were largely in line with investor expectations.
The minutes recapped details of the Fed’s May 3 -4 meeting, noting that most members believed further half-percentage-point increases would "likely be appropriate" at the Fed’s upcoming June and July meetings.
While the Fed remains committed to tackling inflation aggressively if needed, equities gained following the release, with analysts at Blackrock (NYSE:BLK) noting that in the context of “negativity we've been dealing with for the last several weeks, this is at least initially an exhale of relief that commentary wasn't far more hawkish."
Canada’s benchmark index was also supported by gains in crude, although losses in metals capped further gains on the commodity heavy index.
Manulife Financial (TSX:MFC) (+1.11%), Crescent Point Energy (TSX:CPG) (+4/75%), and Sun Life Financial (TSX:SLF) (-0.24%) were amongst the most traded stocks today on the TSX.
Vermilion Energy (TSX:VET) (+8.84%), Canopy Growth (TSX:WEED) (+6.72%), and Enerplus (TSX:ERF) (+6.26%) were amongst the biggest gainers on the TSX today, while Osisko Mining (TSX:OSK) (-4.04%), Canaccord Genuity Group Inc (TSX:CF)(-3.42%), and New Gold Inc (TSX:NGD)(-2.84%) were amongst the biggest losers.
In New York, U.S. benchmark indices also closed in the green, with the S&P 500 up 0.95%, the Dow Jones 0.52% higher, and the Nasdaq 1.51% higher at the close.
In bonds and currencies
Yields on benchmark North American treasuries continued to march back as risk sentiment - for now - fades from the forefront, with yields on the Canada 5-Year at 2.651%, and the Canada 10-Yearr at 2.792%.
Yields on the United States 10-Yearwere at 2.756%.
The USD/CAD pair was flat at C$1.2818 to a greenback, as the dollar gained from rate hike expectations, and the loonie supported by gains in crude.