Toronto stock index trades at record high in late-morning, loonie down

The Canadian Press</span>
Published Wednesday, June 20, 2018 12:44AM EDT
Last Updated Wednesday, June 20, 2018 10:34AM EDT

TORONTO -- Canada's main stock index surged to a record high in late morning trading, boosted by a broad-based rally on the market.

The S&P/TSX composite index was up 106.96 points at 16,423.49, topping its previous record intra-day high for the benchmark.

The strength on the Toronto market came as the influential energy, financial and materials sectors all traded higher.

The health care group, which includes some of the country's biggest marijuana companies, also headed higher. The Senate voted Tuesday to pass the government's cannabis bill, paving the way for Canadians to be able to legally purchase and consume recreational marijuana later this year.

In New York, the Dow Jones industrial average was up 43.20 points at 24,743.41. The S&P 500 index was up 7.50 points at 2,770.09 and the Nasdaq composite index was up 41.59 points at 7,767.18.

The gains on the stock market came as the loonie continued to come under pressure amid rising U.S. interest rates and trade fears, especially related to NAFTA, falling to its lowest level since this time last year.

The loonie was trading for 75.23 cents US, down from an average value of 75.32 cents US on Tuesday.

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