Stocks Scale Wall Of Worry To New Heights -- Canadian Commentary

( - Canadian stocks look to consolidate recent gains Friday morning, with the TSX Composite Index hitting a new record high in the previous session.

Bay Street has been in a relatively good mood this summer despite ongoing trade tensions between the U.S. and Canada.

The year has been dominated by talk of a trade war between the U.S. and most of its key trading partners. Yesterday, President Donald Trump blasted the U.K.'s Prime Minister Theresa May.

He said her soft Brexit plan would draw retaliation from the U.S.

"If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal," Trump told the Sun, a U.K. rag.

On a day bereft of Canadian corporate news, traders were paying attention to U.S. bank earnings.

JPMorgan Chase & Co. ( JPM ) reported a profit for the second quarter that increased 18 percent from last year, driven by broad growth and the strong underlying performance across its business segments. Both earnings per share and revenue for the quarter beat analysts' expectations.

Jamie Dimon, Chairman and CEO said, "We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high. Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter."

Earlier this week, the Bank of Canada raised interest rates but hinted they will hold off on further tightening.

The BoC noted risks associated with U.S. tariffs, including dramatic downturn in the Canadian auto sector.

The TSX Composite index was up 150 points to 16,567.42 yesterday.

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