The mar­kets to­day

The Prince George Citizen - - Money -

Ma­jor North Amer­i­can mar­kets ad­vanced Tues­day on pos­i­tive news re­gard­ing China-U.S. talks and the Amer­i­can debt ceil­ing.

The S&P/TSX com­pos­ite in­dex rose 53.80 points to 16,572.68. In New York, the Dow Jones in­dus­trial av­er­age ad­vanced 177.29 points to 27,349.19. The S&P 500 in­dex gained 20.44 points to 3,005.47, while the Nas­daq com­pos­ite moved up 47.27 points to 8,251.40. “The tone in the mar­kets is fairly pos­i­tive to­day,” said Natalie Tay­lor, a portfolio man­ager with CIBC.

That boils down to two high­level, macro head­lines in re­cent days that are sup­port­ive for the mar­ket, she said. First, the White House and Congress reached a bud­get agree­ment that spared the econ­omy from deep spend­ing cuts and in­creased spend­ing by US$320 bil­lion over two years.

The agree­ment also raises the debt ceil­ing or the limit on the gov­ern­ment’s bor­row­ing author­ity for two years. That news has put con­cerns over the debt ceil­ing to rest, said Tay­lor.

Sec­ond, it ap­pears China and the U.S. will re­sume trade negotiatio­ns, she said.

“I think it’s just the con­tin­ued op­ti­mism building around that,” said Tay­lor, adding the news has been sup­port­ive to the mar­ket over the past few days.

Ad­di­tion­ally, the mar­kets are in the swing of earn­ings sea­son now, she said, and the tone has been quite pos­i­tive in the U.S. and in Canada, where the sea­son is start­ing.

In cur­ren­cies, the Cana­dian dol­lar traded at 76.09 cents US, down from an av­er­age of 76.32 cents US on Mon­day.

The Septem­ber crude con­tract gained 55 cents to US$56.77 per bar­rel and the Septem­ber nat­u­ral gas con­tract shed about two cents to about US$2.28 per mmBTU.

The Au­gust gold con­tract dropped US$5.20 to US$1,421.70 an ounce and the Septem­ber cop­per con­tract fell about two cents to US$2.70 a pound.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.