Canadian Stocks Rally As US Markets Falter -- Canadian Commentary

(RTTNews) - The good times continued to roll on Bay Street Thursday, with the TSX extending their dramatic rally despite lower commodity prices.

Riding a wave of optimism over easing geopolitical tensions and a weaker loonie, the TSX Composite jumped 65 points to 15,455, the highest since June.

The Canadian market performed well even as U.S. stocks slipped from record highs.

Yesterday, the Federal Reserve maintained their so-called 'dot plot' of rate projections for this year and next, strongly hinting at a December rate hike.

Also, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them.

In economic news from Canada, 536,600 people received regular Employment Insurance benefits in July, up 6,800 (+1.3%) from June. This is the first increase in the number of beneficiaries in eight months.

Wholesale sales rose 1.5% to $62.4 billion in July, following a 0.6% decline in June, Statistics Canada said.

Elsewhere, S&P Global Ratings downgraded China's sovereign ratings citing higher economic and financial risks after a prolonged period of strong credit growth.