TSX soars to record high close, Wall Street surges on Trump tax news

The Hamilton Spectator - - BUSINESS - NEWS SER­VICES

The Toronto Stock Ex­change’s main in­dex and ma­jor New York indices all soared to record highs Fri­day — partly on news that United States Pres­i­dent Don­ald Trump will soon re­veal his tax pol­icy.

On Bay Street, the S&P/TSX composite in­dex ad­vanced 111.82 points to 15,729.12, shat­ter­ing a pre­vi­ous record close of 15,657.63 set on Sept. 3, 2014.

The loonie rose 0.32 of a U.S. cent to 76.42 cents US.

South of the bor­der, the Dow Jones in­dus­trial aver­age gained 96.97 points to 20,269.37 and the S&P 500 ad­vanced 8.23 points to 2,316.10.

The Nas­daq composite in­dex mean­while rose 18.95 points to 5,734.13 for its fourth con­sec­u­tive day of all-time highs.

Min­ers and other raw ma­te­ri­als com­pa­nies led the mar­ket rally and ris­ing crude oil prices also gave en­ergy com­pa­nies a big boost.

In­vestors kept their fo­cus on strong com­pany earn­ings and cor­po­rate deal news.

“We’re about 70 per cent, al­most three-quar­ters of the way through earn­ings sea­son and about 75 per cent of the com­pa­nies have beat the tar­gets,” said Randy Fred­er­ick, vice-pres­i­dent of trad­ing and derivatives at Charles Sch­wab. “That’s the best num­ber we’ve seen, in terms of beats, for the last three years.”

Beyond earn­ings, in­vestors also were buoyed by Trump’s prom­ise on Thurs­day that he is pre­par­ing the ex­pected busi­ness­friendly pol­icy pro­pos­als that helped drive a mar­ket rally last f all, in­clud­ing slash­ing gov­ern­ment reg­u­la­tions and taxes.

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