By Ketki Saxena
Investing.com --The TSX tracked Wall Street higher this afternoon, as stocks got a boost from cooling inflation in the US - and despite a 25 basis rate hike from the Bank of Canada.
The commodity heavy Canadian index was also supported by gains in crude, as oil prices climbed on optimism around US inflation data that helped ease Fed fears and worries of demand destruction for the commodity.
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Laurentian Bank of Canada (TSX:LB) shares soared after the Montreal based bank said it is conducting a review of strategic options, which may lead to a possible sale.
Aritzia (TSX:ATZ) shares fell after TD (TSX:TD) Securities downgraded the comapny "hold" from "buy", and after the company announced late late yesterday that revenue for its full fiscal year will come in lower than expected.
Lundin Mining (TSX:LUN) shares hit a new 52-week high following a series of analyst upgrades.
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In Canadian Economics
The Bank of Canada raised its policy rate 25 bps to 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank also announced that it will continue its quantitative easing policy.