By Ketki Saxena
Invesitng.com -- Canada’s main stock index, the S&P/TSX Composite index reversed earlier losses to trade higher by midday, tracking Wall Street higher after comments from US Federal Reserve Chair Jerome Powell.
Powell said the U.S. central bank would be "proceeding carefully" on any furtherinterest rate hikes, raising hopes that the Fed may have now finished hiking interest rates, or be close to concluding its rate-hike cycle.
The commodity heavy Canadian index was also supported by crude prices, as supply concerns related to the Middle East conflict overshadowed the prospect of increased Venezuelan supply following an easing of US sanctions.
Canadian Stock Market News
Shares of Canada Goose (TSX:GOOS) tumbled after two brokerages, TD (TSX:TD) Cowen and Wells Fargo (NYSE:WFC), downgraded the stock.
Teck Resources (TSX:TECKa) is reportedly in talks with Japan's JFE Steel Corp for an investment in Teck’s metallurgical coal business, according to sources familiar with the matter, as per Reuters. The talks have reportedly been ongoing since September.
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In Canadian Economics
Canada's producer prices rose 0.4% from August to September, driven by higher prices for energy and petroleum products.
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