TORONTO –
North American stock markets reversed early losses after the U.S. Federal Reserve removed uncertainty by confirming it would speed up stimulus tapering and raise interest rates three times next year.
The S&P/TSX composite index ended a five-day skid by closing up 120.59 points to 20,769.16.
In New York, the Dow Jones industrial average was up 383.25 points at 35,927.43. The S&P 500 index was up 75.76 points at 4,709.85, while the Nasdaq composite was up 327.94 points at 15,565.58.
The Canadian dollar traded for 77.56 cents US compared with 77.85 cents US on Tuesday.
The January crude contract was up 14 cents at US$70.87 per barrel and the January natural gas contract was up 5.5 cents at US$3.80 per mmBTU.
The February gold contract was down US$7.80 at US$1,764.50 an ounce and the March copper contract was down 7.5 cents at US$4.18 a pound.
This report by The Canadian Press was first published Dec. 15, 2021.