The markets today
TORONTO (CP) — North American stock markets closed higher Wednesday with the three main U.S. markets all hitting record highs on further anticipation of U.S. interest rate cuts later this month.
The S&P/TSX composite index rose 104.91 points to 16,576.20. That’s less than 100 points below April’s record intraday high.
In New York, the Dow Jones industrial average was up 179.32 points at 26,966.00, an all-time high after closing early ahead of the July 4 holiday. The S&P 500 index was up 22.81 points at 2,995.82, just a fraction below the intraday record, while the Nasdaq composite was up 61.14 points at 8,170.23, a record closing.
The Canadian dollar traded for 76.49 cents US compared with an average of 76.25 cents US on Tuesday due to a weaker U.S. dollar, higher oil prices and strong trade data with the balance swinging back into surplus territory for the first time in 10 months. Health care was up as Canopy Growth Corp. shares rose 1.7 per cent after the ousting of its co-CEO Bruce Linton.
The heavyweight financial sector gained 0.6 per cent with U.S. 10-year treasuries sinking below two per cent to their lowest level since November 2016.
Energy increased with TC Energy Corp. gaining 2.4 per cent after signing a deal to sell its U.S. midstream assets in Appalachian Basin for $1.7 billion. The August crude contract recovered from Tuesday’s steep drop to climb US$1.09 at US$57.34 per barrel and the August natural gas contract was up five cents at US$2.29 per mmBTU.
The materials sector fell 0.32 per cent with Teck Resources Ltd. and Goldcorp Inc. falling two and 1.6 per cent respectively. The decreases came despite a rise in metals prices, including gold reaching its highest level since May 2013. The August gold contract was up US$12.90 at US$1,420.90 an ounce and the September copper contract was up 1.9 cents at US$2.68 a pound. Thursday trading in Toronto is expected to be light but Friday could prove to be an important session with the final U.S. non-farm payroll numbers being released before the Federal Reserve makes its interest rate decision.