North American markets rally after U.S. rate hike, dovish comments from Fed chairman | Globalnews.ca

North American markets ended the trading day in positive territory after a 0.75-point interest rate hike and dovish comments from U.S. Federal Reserve chair Jerome Powell Wednesday sparked a rally in stocks.

The S&P/TSX composite index closed up 281.88 points at 19,254.56.

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In New York, the Dow Jones industrial average was up 436.05 points at 32,197.59. The S&P 500 index finished the day up 102.56 points at 4,023.61, while the Nasdaq composite was up 469.85 points at 12,032.42.

The Canadian dollar traded for 77.69 cents US compared with 77.62 cents US on Tuesday.

The September crude contract was up US$2.28 at US$97.26 per barrel and the September natural gas contract was down 27 cents at US$8.55.

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The August gold contract was up US$1.40 at US$1,719.10 an ounce and the September copper contract was up almost five cents at US$3.43 a pound.

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