CANADA STOCKS-TSX rises as consumer, banks stocks jump after Fed

Wed Mar 30, 2016 5:10pm EDT
 
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(Adds analyst comment, updates prices to close)

* TSX ends up 77.75 points, or 0.58 percent, at 13,503.98

* Nine of the index's 10 main groups rise

* On track for best month since October 2011

By Alastair Sharp

TORONTO, March 30 (Reuters) - Canada's main stock index rose on Wednesday as consumer and bank stocks bounced and equity investors broadly cheered a more cautious tone on U.S. interest rate hikes from the Federal Reserve.

"The whole market is basically on a rise because of her (Fed Chair Janet Yellen's) comments about low (interest rates) for longer," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

Yellen on Tuesday said the U.S. central bank should proceed cautiously, pushing back on a handful of her colleagues who have suggested another rate hike may be just around the corner.

"It's a psychological boost, but at the end of the day you still need to have good earnings," Nakamoto said.   Continued...