Canada's S&P/TSX Rises 0.60% as Financials and Tech Rally; Traders Eye Bank of Canada October 28 Meeting

Canadian stocks closed higher Wednesday, with the benchmark S&P/TSX Composite Index settling at 36,324.99, up 217.03 points, or 0.60%, as information technology and financials rallied in tandem with U.S. markets. Seven of 11 sectors gained, led by financials at 1.42%, followed by IT at 0.76%, industrials at 0.74%, utilities at 0.59% and energy at 0.24%. Consumer discretionary fell 1.40%, consumer staples 0.88% and communication services 0.86%. Toronto-Dominion Bank gained 1.98%, National Bank of Canada 1.90% and BlackBerry Ltd. 6.18%. Investors are focused on the Bank of Canada's October 28 rate decision. Data Monday showed annual inflation rose to 3.10% in September, driven by energy costs from the Middle East conflict. The Parliamentary Budget Office trimmed 2026 GDP growth to 0.90% and 2027 to 1.50%, citing U.S. tariffs and Canadian counter-tariffs. The federal budget is set for November 5. Crude oil prices fell as traders monitored Middle East developments after expectations of a U.S.-Iran peace deal faded.