Investors have been eagerly awaiting the opening bell on the Canadian stock market, and as of Thursday, the market had reached its highest level in more than two years.
The benchmark S&P 500 index closed at an all-time high of 2,051.40, surpassing its September high of 1,981.85.
The Dow Jones industrial average rose 4.6 per cent to 16,827.06, the S&p 500 gained 3.1 per cent at 1,845.24 and the Nasdaq Composite added 3.2 per cent.
“This is a really good week to be in the market, I think,” said Tim Karpeles, chief market strategist at Karpelman Capital.
“The news from the government and the Fed and a few other people is all encouraging.”
Investors have had a good run in Canada, which is the only country in the G20 where the stockmarket has risen in more consecutive quarters than it has fallen.
While the market has struggled to find consensus for the U.S. Federal Reserve’s policy stance, many investors are looking forward to a possible interest rate hike this year, and a possible rate hike in 2019, according to Mark Zandi, chief economist at Moody’s Analytics.
“It’s been the most bullish year since the financial crisis,” he said.
“So this year is really a very good year for Canadian stocks.”
Canadian stocks rose for the first time since mid September, with the benchmark index rising 2.3 per cent on Thursday.
That marked the largest gain in more the last three months of the year, according.
The S&P 500 climbed 2.7 per cent, its biggest gain since August, and while it’s still below its September highs, it is up more than 3 per cent since September 2015.
The Nasdaq is down 0.4 per cent and the Dow Jones is down 4.1.
The dollar index rose 1.4 cents to 106.75 US cents, its highest since December of last year.
But the stockmarkets continued to lose ground in the U