Energy and technology lifted Canada’s main stock index mid-week while U.S. stock markets staged a late rally on the eve of that country’s Thanksgiving holiday due to positive economic data including jobless claims hitting a 52-year low.
“After a difficult start to the day, equity markets staged a fairly healthy rebound,” said Candice Bangsund, portfolio manager for Fiera Capital.
“The catalyst for the rebound today was largely a result of the U.S. economic data that revealed that the economy remains on solid ground.”
Initial jobless claims fell to 199,000 last week in the U.S., the lowest level since 1969, while consumer spending data strengthened despite a sharp acceleration in inflationary pressures.
Consumer prices rose five per cent compared with the same period last year, the fastest 12-month gain since the same stretch ending in November 1990.
The core inflation number, which the U.S. Federal…