Canada’s main stock index was up more than 400 points after a tumble right out of the gate, while U.S. stock markets also recovered significantly from the dip.
The S&P/TSX composite index was up 407.35 points or 2.4 per cent at 18,613.63, rebounding after dropping more than 300 points when the market opened.
Michael Currie, senior investment adviser at TD Wealth, said today’s market whipsawed on the much-anticipated inflation data coming out of the U.S., which beat expectations – in a bad way.
“We had hotter than expected U.S. inflation numbers, which nobody wants to see. They beat all the economists’ expectations.”
Inflation accelerated in the U.S., with consumer prices up 6.6 per cent in September year over year, excluding volatile food and energy costs.
In New York, the Dow Jones industrial average was up 827.34 points or 2.8 per cent at 30,038.19. The S&P 500 index was up…