Toronto stocks edged up only slightly Friday. The S&P/TSX composite index closed up 12.04 points, or 0.15%, at 8,243.97 on volume of 240 million shares worth $3.4 billion.
Seven of the TSX index’s 10 main groups closed higher, including financials and industrials.
Early gains on the TSX were wiped out by continued weakness among tech issues. And investor continue to be cautious ahead of a the U.S. Federal Reserve’s meeting next Tuesday when it will release its latest decision on interest rates. Investors expect the Fed to leave its benchmark rate unchanged at 1%, however, analysts say the central bank will lay the groundwork in its accompanying policy statement for a rate hike in August.
The tech sector slid 2.31%, while health care issues lost 0.21%, and materials fell a slight 0.08% on weakness in its base-metals and mining subsectors.
In the U.S. stocks sagged today. The Nasdaq composite index fell to its biggest weekly drop in two years due to interest rate worries. The Nasdaq fell 38.63 points, or 1.97%, to 1,920.15.
The Dow Jones industrial average fell 46.70 points, or 0.45%, to 10,225.57. The Standard & Poor’s 500 Index gave up 6.66 points, or 0.60%, dropping to 1,107.23.
TSX edges up slightly
Investors anxiously awaiting next week’s rate decision
- By: Stewart Lewis
- April 30, 2004 April 30, 2004
- 16:00