TORONTO – A raucous U.S. presidential debate had little lasting impact on stock markets Wednesday as they ended their worst month since March’s sizable correction.
The early futures in both Canada and the U.S. decreased significantly after Tuesday’s chaotic debate between U.S. President Donald Trump and former vice-president Joe Biden.
But with nothing new presented on policy, investors latched onto hopeful news from Treasury Secretary Steve Mnuchin about a possible fiscal stimulus deal.
“Once the market sort of digested that early in the morning, we saw a sharp reversal in particular in the U.S. and we saw the TSX go into positive territory as well,” said Giles Marshall, portfolio manager at Fiduciary Trust Canada.
“Mnuchin offered some optimism pretty much at the last minute in terms of being able to get a deal done before the election takes place.”
Markets lost some of the gains in afternoon trading.