The Fed announced that it was keeping US interest rates unchanged Wednesday and, together with some recovery for oil prices, it meant optimism for the markets. Analysts were not broadly expecting a change in rates this time with September being the expected first increase. That said, Fed chair Janet Yellen referred to ‘some’ improvement in the labour market, leading some analysts to suggest that it could be next year before any change takes place. Asian markets had closed their trading day broadly higher with Shanghai managing to break a losing streak. European markets also closed higher (before the Fed announcement) with regional earnings boosting sentiment.
The S&P/TSX Composite Index closed up 224.4 (1.59 per cent)
The NYSE closed higher (Dow up 121.1 / 0.69 per cent)
Oil is trending higher (Brent $53.58, WTI $48.85 at 4.10pm)
Gold is trending lower
The loonie is valued at U$0.7723 (at 4.10pm)