CANADA STOCKS-TSX climbs after Fed keeps interest rates steady

Thu Sep 17, 2015 4:31pm EDT
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(Adds details, updates prices)

* TSX up 23.38 points, or 0.17 percent, at 13,787.16

* Seven of the TSX's 10 main groups were higher

TORONTO, Sept 17 (Reuters) - Canada's main stock index advanced on Thursday after the U.S. Federal Reserve left interest rates unchanged as global economic uncertainty and a recent spike in market volatility kept the U.S. central bank from pulling the trigger.

Questions about China's economic growth caused several market swings in the past few weeks, with equities, commodities and currencies making dramatic moves.

After a wild ride of its own, the benchmark TSX index is down about 6 percent since the start of the year.

While the Fed did not rule out a potential rate increase later this year, its current decision was influenced by global macroeconomic risks and concerns about inflationary pressure.

"The Fed seems to have pulled off yet another balancing act," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.

"The surge in volatility may have rightfully put the Fed's plans on hold," he said. "They did what the market was probably suspecting."   Continued...