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TORONTO — Canada’s main stock index gained more than 270 points on Friday as the federal government announced it would remove some of its retaliatory tariffs on U.S. goods, lifting hopes for a trade deal, while U.S. markets reached record high territory.
The move on Wall Street came as U.S. Federal Reserve chair Jerome Powell cracked open the door to lowering interest rates in the coming months in a speech in Jackson Hole, Wyo.
The S&P/TSX composite index was up 277.70 points at 28,333.13.
In New York, the Dow Jones industrial average was up 846.24 points at 45,631.74. The S&P 500 index was up 96.74 points at 6,466.91, while the Nasdaq composite was up 396.22 points at 21,496.54.
The Canadian dollar traded for 72.18 cents US compared with 71.96 cents US on Thursday.
The October crude oil contract was up 14 cents US at US$63.66 per barrel, while the December gold contract was up US$36.90 at US$3,418.50 an ounce.
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With files from The Associated Press
This report by The Canadian Press was first published Aug. 22, 2025.