04:22 PM EDT, 06/11/2025 (MT Newswires) -- The Toronto Stock Exchange closed at a record high on Wednesday, even with sectors mixed, as Scotiabank said recessions are likely to be avoided in Canada and the United States "unless uncertainty and tariffs rise further," though it did note there are "clear signs" of an economic slowdown across North America.

Boosted by elevated commodity prices, the S&P/TSX Composite Index closed was up 97.65 points to 26,524.16, topping the prior record high of 26,429.13 set on June 6.

Among sectors, Energy, up 2.2%, and Info Tech, up 1.4%, were the biggest gainers. Base Metals, down 1.65%, and the Battery Metals Index, down 1.2%, were the biggest losers.

Staying with sectors, economist David Rosenberg on Wednesday afternoon published a note entitled 'Canadian Utilities: A Single-Sector Diversification Strategy' in which he said the sector "combines elements of both stocks and bonds, making it a useful addition to most portfolios".

"Who needs a classic 60-40 asset mix? It's all embedded in this one sector, with hedges against recession/expansion/inflation/deflation expressed right here in the Utilities space. Imagine that: a single-sector diversification strategy -- the ability to play both defense and offense at the same time. Ergo, Utilities should be a core part of anyone's portfolio. Full stop," Rosenberg wrote.

Elsewhere, Scotiabank, in a Wednesday note entitled 'Cloudy With a Chance of Tariff Relief', said fiscal measures in Canada will provide support to growth this year, with the potential for significantly more support pending policy announcements by federal and provincial governments.

But Scotia did acknowledge that inflation remains a concern that will limit the Bank of Canada and Federal Reserve's ability to support the economy in 2025. "Inflation control will require much vigilance by central banks," it added.

Scotiabank expects both central banks to remain on hold this year and to lower rates in 2026.

Among commodities, gold futures rose late afternoon on Wednesday as the dollar and yields fell after a report showed U.S. inflation eased last month. Gold for August delivery was last seen up US$26.30 to US$3,369.70 per ounce.

West Texas Intermediate crude oil closed up nearly 5% to a five-week high after trade talks between the United States and China ended with a tentative deal to relax export controls on sensitive goods and technologies. WTI crude oil for July delivery closed up $3.17 to settle at US$68.15 per barrel, the highest since April 2, while August Brent crude was last seen up $2.29 to US$69.16.