04:29 PM EDT, 09/24/2024 (MT Newswires) -- The Toronto Stock Exchange pushed to a record high for a fourth-straight session on Tuesday as oil and industrial metals moved higher after China took steps to stimulate its sagging economy, pushing the resource-heavy exchange higher, while the Bank of Canada's governor said further interest rate cuts are likely.

The S&P/TSX Composite Index closed up 57.51 points to finish the day at 23,952.22. Gainers on the day were Base Metals, up 5.1%, and Energy, up 0.9%. The biggest decliners on the day were Financials and Telecoms, down 0.18% and 0.17% respectively.

West Texas Intermediate (WTI) crude oil closed on Tuesday as China announced a package of stimulus measures to support a flagging economy, while supply tightened as Gulf of Mexico producers began evacuating platforms ahead of a storm forming in the region. WTI crude for November delivery closed up US$1.19 to settle at US$71.56 per barrel, while November Brent crude, the global benchmark, closed up US$1.27 to US$75.17.

The People's Bank of China, the country's central bank, on Tuesday took its first substantial measures to boost demand, including lowering cash reserve requirements for banks to spur lending, cutting interest rates on existing mortgages and lowering minimum down payments for home buyers to 15%. Commodities like oil and copper rose following the measures on hopes they will restore demand in China.

"Copper and iron ore, as well as several other China-centric commodities, jumped after Beijing announced a series of major measures to boost growth and shore up its beleaguered property market. Copper reached a 10-week high and has now recovered around 13% from the August low, while iron ore jumped 5% in Singapore. Crude oil is trading higher as well," Saxo Bank noted.

While China's central bank moved to boost its economy, Bank of Canada Governor Tiff Macklem on Tuesday said he's pleased the Canadian inflation has returned to 2%, the midpoint of its 1% to 2% target range.

"We've been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%-3% inflation-control band. We need to stick the landing," Macklem said in the text of a speech to a Toronto banking conference.

Macklem said the central bank, which has made three consecutive 25 basis point cuts to its benchmark interest rate, is likely to continue lowering rates, but will continue to monitor inflation and economic data.

"With the continued progress we've seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation," he said.