Canada’s main stock index closed higher on Tuesday tracking gains in crude oil prices, as traders expect that the worst could be over for the global financial system. While the mining, utilities, and telecom sectors rose, the health care, financial, and tech sectors moved lower.
As fears persist over monetary tightening and the state of the global banking sector, the TSX is on course for a second straight month of losses in March. Canada’s Finance Minister presented this year’s budget to parliament, focusing on inflation and a clean economy.
US markets ended in the red and the NASDAQ sustained losses as a jump in rates put pressure on the tech-heavy index. However, traders were receptive to news of First Citizens’ plan to buy a large portion of Silicon Valley Bank. Prices for the 10-year Treasury slipped, raising yields to 3.55 per cent.
Today in the Markets
| TSX | 19,657.53 | +32.79 |  |
| TSXV | 620.59 | +10.27 | |
| CSE | 173.60 | +0.41 | |
| DJIA | 32,394.25 | -37.83 |  |
| NASDAQ | 11,716.08 | -52.76 | |
| S&P 500 | 3,969.60 | -7.93 | |
The Canadian dollar traded for 73.56 cents US, compared to 73.16 cents US on Monday.
US crude futures traded $0.59 higher at $73.40 a barrel, and the Brent contract gained $0.68 to $78.80 a barrel.
The price of gold was up 21.20 to US$1,975.00.
In world markets, the Nikkei was up 41.38 points to 27,518.25, the Hang Seng was up 216.96 points to 19,784.65, the FTSE was up 17.13 points to 7,488.90, and the DAX was up 16.46 points to 15,144.14.
Get @ the Bell delivered to your email inbox every day!
DISCLAIMER: By viewing any material on or distributed by The Market Herald Publishing Ltd. and its Information Providers you agree to both the following disclaimer, and the full disclaimer that can be viewed here.
Any holdings, theories, speculation or trades appearing anywhere on The Market Herald network of websites should not be relied upon for purposes of transacting securities or other investments, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. This applies to any material regardless of source, placement, presentation or reproduction. Any Information Providers to The Market Herald or employees of The Market Herald may from time to time have positions in the stocks or other entities mentioned anywhere on The Market Herald Network of websites. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. The Market Herald and its contributors makes no guarantee as to the validity of any information, speculation, theories or research presented herein whether pertaining to the past, present or future. The Service and The Materials are provided by The Market Herald and other Information Providers on an “as is” basis, and The Market Herald and other Information Providers expressly disclaim any and all warranties, express or implied, including, without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the service or any materials and products. In no event shall The Market Herald and other Information Providers be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever with respect to The Service, The Materials, and The Products.
