TSX Ends Sharply Higher After BoC Cuts Interest Rate

(RTTNews) - The Canadian stock market ended on a buoyant note on Wednesday, as traders went on a buying spree after the Bank of Canada cut interest rates by 50 basis points, following the Federal Reserve's surprise rate cut a day earlier.

A rally in the U.S. market thanks to the Fed's rate cut decision, and former Vice President Joe Biden's strong performance in the Super Tuesday contests, further aided sentiment.

The benchmark S&P/TSX Composite Index ended with a big gain of 355.91 points, or 2.17%, at 16,779.53.

Information technology stocks led the market up north. The Capped Information Technology Index advanced as much as 4.12%, with Shopify Inc. (SHOP.TO) topping the gainers list, rising 7.7%.

Lightspeed Pos (LSPD.TO) gained 7.5%, Kinaxis Inc. (KXS.TO) ended 5.5% up and Opex Text Corp (OTEX.TO) gained 3.8%.
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