The Toronto stock market racked up a second consecutive triple-digit advance yesterday as crude oil prices hit a six-month high. Traders also took in news of benign inflation.
New York indexes surrendered early gains and closed lower after the Federal Reserve downgraded its economic forecast.
Toronto’s S&P/TSX composite index gained 131.49 points to 10,232.44 following a 338-point surge the previous day, as investors grow confident the spring rally, in its third month, still has room to run.
Statistics Canada said the annual inflation rate fell to 0.4 per cent last month, the lowest in almost 15 years and down sharply from 1.2 per cent in March. The decline is propelled by more moderate energy costs.