On Friday, Canadian stocks initially climbed but faced pressure throughout the session before rallying at the close. The S&P/TSX Composite Index surged in the final moments of trading, ending up by 118.69 points or 0.5% at 23,346.18—just shy of the record high set on Monday.This upward movement followed the release of U.S. consumer price inflation data from the Commerce Department, which the Federal Reserve closely monitors. The report indicated that consumer prices rose in line with economists’ predictions in July, while the annual rate of price growth remained unexpectedly flat.The data bolstered expectations of an interest rate cut by the Fed next month. However, uncertainty about the pace of future rate cuts led to some market volatility. Technology stocks were significant gainers, with the S&P/TSX Capped Information Technology Index climbing 1.3%. Consumer discretionary and financial stocks also showed considerable strength, while energy stocks fell sharply amid a steep decline in crude oil prices.Crude oil for October delivery plummeted $2.36, or 3.1%, to $73.55 per barrel after a Reuters report suggested that OPEC+ is set to proceed with a planned increase in oil output come October.On the domestic front, Canadian real gross domestic product grew by 0.5% in the second quarter, following a 0.4% rise in the first quarter.The material has been provided by InstaForex Company – www.instaforex.com
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