By Ketki Saxena
Investing.com -- The TSX tracked the NASDAQ and S&P 500 higher in afternoon trading, as gains in industry behemoths Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) outweighed potentially detrimental effects of aggressive interest rate hikes by the Federal Reserve on the U.S. economy.
At a forum held by the European Central Bank, Federal Reserve Chair Jerome Powell reiterated that policymakers are still projecting two rate increases within this year, and did not dismiss further rate hikes from the Fed.
The commodity-heavy Canadian index also found support from rising crude prices following larger-than-anticipated drawdowns from U.S. crude stockpiles for the second consecutive week.
The Biggest Stories on Bay Street
Alimentation Couche Tard Inc (TSX:ATD)reported fourth-quarter profits totaling US$670 .7 million compared to last year's US$477 .7 million during the same period. Profits totaled 68 cents per diluted share up from last year's 46 cents per share. Revenue totalled $16.26 billion down slightly from $16.43 billion earlier.
Canopy Growth (TSX:WEED) shares took a hit after KPMG announced its resignation as the company's accountant.
Postmedia Network Canada Corp A (TSX:PNCa) saw shares increase after announcing ongoing non-binding discussions regarding potential merger opportunities with Nordstar Capital involving operational assets belonging to Toronto Star and Metroland newspapers.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
No major economic data expected