The markets to­day

The Prince George Citizen - - Money -

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.

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