By Ketki Saxena
Investing.com -- Canada's main stock index, the S&P/TSX Composite index continued to hold on a positive note even after the monetary policy announcement by the US Federal Reserve, while Wall Street whipsawed after the announcement.
The U.S. Federal Reserve held key interest rates as had been widely expected, but came in more hawkish than expected, signalling one more rate hike this year and fewer rate cuts next year. Markets are now pricing in just 2 rate cuts next year, compared to 4 cuts prior to the announcement.
While the tech-heavy Nasdaq and S&P500 declined, the Dow and commodity heavy Canadian index continued to hold gains, with miners supported by higher metal prices.
Canadian Stock Market News
Shares of Bausch Health (TSX:BHC) Companies rallied after brokerage Jefferies upgraded the stock.
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In Canadian Economics
Ford reached an eleventh-hour decision with Unifor, the union representing Canadian autoworkers, to avoid a walkout at its Canadian operations.
Meeting minutes from the Bank of Canada showed the BoC has been intentionally hawkish since its previous rate hike, as they "considered the possibility that their decision could be misinterpreted as a sign that policy tightening had ended and that lower interest rates would follow," the summary read.