By Ketki Saxena
Investing.com – At the close in Toronto, the S&P/TSX Composite Index was at 21,838.02 points, up 122.6 points or 0.56% in the day’s trading.
Gains on the TSX today were driven by energy (+1.68%) and materials (+1.63%), which were supported respectively by the price of crude and gold.
Canadian equities were also supported by declining yields on Canadian treasuries, and the Bank of Canada’s decision to raise interest rates to 1% and begin quantitative tightening in order to combat inflation.
Yields on the Government of Canada’s benchmark 10-year bond were at 2.647% today, while yields on the 5-year were at 2.594%
Tech, which amongst other growth stocks is typically the biggest beneficiary of falling yields, also helped the TSX close higher today with Info Tech 1.54% higher, and Clean Tech up +0.25% after days of declines.
Top Gainers on the TSX today included Ero Copper (TSX:ERO) (+7.45%), Teck Resources (TSX:TECKa) (7.14%), Energy Fuels Inc (TSX:EFR) (+7.12%), while TransAlta Renewables Inc. (TSX:RNW)(-3.32%), North West Company Inc (TSX:NWC)t (-2.41%) and Waste Connections Inc (TSX:WCN)(TSX:WCN) (-1.84%) were amongst the biggest losers.
In New York the S&P 500 rose 1.13%, the Dow Jones Industrial Average gained 1.01%, and the Nasdaq closed 2.03% higher.
Yields in the U.S. were also down for the second day in a row, helping boost equities. As of 4:00 p.m ET, yields on the benchmark U.S. 10 year treasury were at 2.697%.