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TSX Climbs Following Bank of Canada's Rate Cut
Canada's main stock index, the S&P/TSX Composite, continued its upward trajectory today, buoyed by the Bank of Canada's decision to reduce interest rates. The index rose by 95.91 points, or 0.38%, reaching 25,600.24 points.
Investors welcomed the rate cut, which is expected to lower borrowing costs and stimulate economic activity. The move comes amid concerns about sluggish economic growth, despite inflation remaining within the target range.
The materials sector, particularly mining stocks, saw significant gains, contributing to the overall positive market sentiment. Additionally, oil prices rose on expectations of increased demand from China, which announced a relaxation of its monetary policy.
Analysts remain optimistic about the TSX's performance, with some predicting continued growth into the next year.
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