Tracking higher crude prices, energy shares rose, pushing Canada’s main stock index to a higher close on Tuesday, although concerns over a global recession limited gains.
Amid growing doubts if the US Federal Reserve can engineer a soft landing for the economy and avoid a recession, markets have priced in aggressive rate hikes in July and September to battle surging inflation.
As investors south of the border returned from a long weekend to scoop up shares of megacap growth companies and banks that were hammered in a rout last week on worries over a global economic downturn, U.S. stock indexes also climbed higher.
Today in the Markets
| TSX | 19,257.29 | +73.66 |
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| TSXV | 652.97 | +11.02 |
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| CSE | 279.08 | -8.59 |
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| DJIA | 30,530.25 | +641.47 |
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| NASDAQ | 11,069.30 | +270.95 |
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| S&P 500 | 3,764.79 | +89.95 |
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The Canadian dollar traded for 77.44 cents US compared to 76.93 cents US on Monday.
US crude futures traded 0.93 per cent higher at $110.60 a barrel, while the Brent contract added 0.43 per cent to $114.60 a barrel.
The price of gold was down US$8.71 US to $1,830.44.
In world markets, the Nikkei was up 475.09 points to 26,246.31 the Hang Seng was up 395.68 points to 21,559.59, the FTSE was up 30.24 points to 7,152.05, and the DAX was up 26.80 points to 13,292.40.
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