Baystreet.ca - Canada's main stock index rose in light trading on Tuesday, the final trading session of 2024, boosted by rising commodity prices.
The TSX recovered 98.43 points to open the last session of the year at 24,719.02.
The Canadian dollar shed 0.17 cents to 69.51 cents U.S.
ON BAYSTREET
The TSX Venture Exchange regained 2.4 points to 595.80.
All but two of the 12 TSX subgroups gained ground, with communications soaring 1.3%, real-estate 0.8% stronger, and consumer discretionary stocks better by 0.7%.
The two laggards proved to be consumer staples, settling 0.2%, and information technology, off 0.04%.
ON WALLSTREET
Stocks were slightly higher Tuesday, as investors look to wrap up another booming year that hoisted the S&P 500 to its second consecutive annual gain exceeding 20%, spurred by enthusiasm for rate cuts, economic strength and artificial intelligence.
The Dow Jones Industrials started the last session of 2024 with a gain of 94.51 points to 42,668.24.
The broader index inched forward 4.49 points to 5,911.43.
The NASDAQ dropped 43.66 points to 19,443.13.
The S&P 500 has surged 24% in 2024, building on a gain of 24.2% from last year. The two-year gain of around 54% is the best since the nearly 66% rally in 1997 and 1998.
Meanwhile, the Dow has added 13% in 2024, while the NASDAQ has outperformed with a 30% advance.
Developments in Washington, D.C., helped fuel the rally in the second half of the year. The Federal Reserve has cut its benchmark interest rate by a full percentage point since September, bolstering confidence that the U.S. economy can sustain its recent growth. Stocks also rallied sharply following President-elect Donald Trump’s win in November, as traders cheered the prospect of lower taxes and a looser regulatory approach under a Republican administration.
Bank stocks in particular were one group that surged after the election, with JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) now up about 42% and 49%, respectively, year to date. Shares of Tesla (NASDAQ:TSLA), whose CEO Elon Musk is a close ally of Trump, are now up 67% year to date.
Meanwhile, bitcoin has performed even better than the stock market, up 124% for the year and topping $100,000 for the first time.The market is closed on Wednesday for New Year’s Day.
Prices for the 10-year Treasury lost a bit of ground, raising yields to 4.53% from Monday’s 4.54 %. Treasury prices and yields move in opposite directions.
Oil prices grabbed 45 cents to $71.44 U.S. a barrel.
Prices for gold recovered $9.40 an ounce to $2,627.50 U.S.