TORONTO — Canada's main stock index rose to a new record high, led by strength in energy, telecom and base metals, while U.S. markets also moved higher.In New York, the Dow Jones industrial average was up 331.37 points at 39,387.76. The S&P 500 index was up 26.41 points at 5,214.08, while the Nasdaq composite was up 43.51 points at 16,346.26.
Wednesday’s report from Shopify, which saw its share price down almost 20 per cent that day, was a prime example, said Burkett. “I think investors are generally waiting and watching earnings for indication of where we are in the economic cycle. And that's especially true with Shopify,” he said.In the U.S., where earnings season is almost over, it’s been mostly positive surprises, added Burkett.
“ the end of last year, everyone was expecting imminent rate cuts, and that has absolutely not come to pass. And the reason it has not come to pass is because earnings have been pretty resilient, business conditions have remained good,” said Burkett.But there are concerns that the central banks are holding off on cuts for too long, said Burkett, given the lag effect of higher interest rates.