TORONTO: Canada’s main stock index recorded its best year since 2021 on Tuesday, the last trading day of the year historically considered as favorable for equities, navigating a number of macroeconomic and global uncertainties in 2024.
The S&P/TSX composite index gained 18.5% in 2024. It was up 107.35 points, or 0.44%, at 24,727.94 on Tuesday, largely boosted by energy stocks.
“What truly defined 2024 was the broadening participation of the rally. This breadth of market leadership is emblematic of bullish sentiment, reflecting renewed investor confidence and enthusiasm,” said Brandon Michael, senior investment analyst at ABC Funds.
In the United States, the bellwether S&P 500 notched more than a 23% gain, marking the index’s best two-year run since 1997-1998, while the Nasdaq surged nearly 30%.
Looking ahead to 2025, market participants have scaled back their expectations for significant rate cuts by the Fed in 2025 and are preparing for potential policy shifts with Donald Trump’s return to the White House.
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