TSX nears two-year high as markets cheer Powell, spot gold ATH boosts miners

Investing.com — Canada's main stock index, the S&P/TSX Composite rallied on Wednesday, tracking Wall Street higher after prepared comments from Federal Reserve Chair Jerome Powell provided assurance that interest rate cuts were coming this year.

The commodity heavy TSX also gained support from miners as spot gold prices touched a new all time high.

The Bank of Canada meanwhile kept its key overnight rate steady at 5%, as had been widely expected. However, the BoC's messaging lacked the dovish tilt markets had been hoping for, leading traders to further push back rate cut expectations from June to July.

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Toronto Stock Market News

Enbridge (TSX:ENB) announced an investment of roughly $500 million to expand its pipeline and storage assets in the U.S. Gulf Coast. Enbridge also raised its profit growth forecast between 7% and 9% through 2026.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• Lithium Americas (TSX:LAAC)
• Orla Mining
• IAMGold (TSX:IMG)

Top Losers on the TSX Today:

• Paramount Resources (TSX:POU)
• Nuvei (TSX:NVEI)
• Bausch Health (TSX:BHC)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

The BoC kept its key overnight rate steady at 5% as expected, but struck a hawkish note, stressing that core inflation measures remained too high, and that there was no calendar on rate cuts yet.

"It would be great if this (high rates) worked faster. It would be great if it was less painful. But unfortunately, monetary policy, it does work slowly," BoC Governor Tiff Macklem said at the press conference following the announcement.

The Ivey Purchasing Managers Index (PMI) fell to 53.9 from 56.5 in January, posting its lowest level since October. The Index measures domestic economic activity as indicated by a panel of Canadian purchasing managers. A reading above 50 indicates an expansion.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.