Toronto stock index, Wall Street up modestly ahead of next Fed meeting

TORONTO _ It was another day of meagre gains for North American stock indices, as investors looked ahead to a two-day meeting of the U.S. Federal Reserve set to begin tomorrow.

The Toronto Stock Exchange’s S&P/TSX composite index was up 56.30 points to 15,292.97.

In New York, the Dow Jones industrial average advanced 39.45 points to 22,370.80. The S&P 500 index inched forward 2.78 points to 2,506.65 and the Nasdaq composite index was ahead 6.68 points to 6,461.32.

At tomorrow’s Fed meeting, forecasters expect the central bank to release details on the timing for when it might start shrinking its multitrillion-dollar stockpile of bonds, but to leave interest rates unchanged.

In currency markets, the Canadian dollar was trading at an average price of 81.45 cents US, down 0.26 of a cent.

The November crude contract gave back 45 cents to US$49.90 per barrel and the October natural gas contract was down two cents to US$3.12 per mmBTU.

The December gold contract lost 20 cents at US$1,310.60 an ounce and the December copper contract was unchanged at US$2.97 a pound.