North American stock markets surge on Federal Reserve signals of a rate cut

The Canadian Press
Published Tuesday, June 4, 2019 1:24AM EDT
Last Updated Tuesday, June 4, 2019 4:41PM EDT

TORONTO -- North American markets bounced back with their second best day of the year after the Federal Reserve signalled that interest rate cuts are possible to address trade challenges and a slowing economy.

The S&P/TSX composite index was up 150.35 points at 16,166.24.

In New York, the Dow Jones industrial average was up 512.40 points at 25,332.18. The S&P 500 index was up 58.82 points at 2,803.27, while the Nasdaq composite was up 194.10 points at 7,527.12.

The Canadian dollar traded at an average of 74.55 cents US compared with an average of 74.24 cents US on Monday.

The July crude contract was up 23 cents at US$53.48 per barrel and the July natural gas contract was up 1.3 cents at US$2.42 per mmBTU.

The August gold contract was up 80 cents US at US$1,328.70 an ounce and the July copper contract was up 1.9 cents at US$2.67 a pound.

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