India, Aug. 22 -- Canadian stocks surged on Friday as US Federal Reserve Chair Jerome Powell seemingly hinted at a September rate cut in his speech today at the Jackson Hole Economic Symposium in Wyoming.
After opening higher than yesterday's close, the benchmark S&P/TSX Composite Index saw further upside in early trading and remained firmly positive throughout the session before closing at 28,333.13, up by 277.70 points (or 0.99%).
Notably, this is a new record high for S&P/TSX Composite Index for the second straight session.
In a significant development, while delivering a speech at the Jackson Hole Economic Symposium today, Powell indicated that a potential rate cut could occur during September's central bank meeting, although he refr...