Consumer-related stocks help lift TSX to record closing high

-Canada's stock market rose to a record high on Wednesday, led by gains for the utilities and consumer-related sectors, as long-term borrowing costs fell and investors grew less anxious about the prospect of sweeping U.S. tariffs on imports from Canada.

Investors have"had a day to think about the tariff situation and maybe it's not as bad as they originally thought," said Michael Sprung, president of Sprung Investment Management. "There's a lot of details to be worked out with these tariffs and I'm pretty sure President Trump does not want to be in a position to cause massive inflation in the U.S.," Sprung said."And the U.S. depends on Canada for a lot of energy products, whether it's oil, gas or electricity."

The consumer staples sector rose 1.9%, consumer discretionary was up 0.8% and utilities ended 0.9% higher.Shares of fuel distributor Parkland Corp rose 5.1% as the company said it would enter into a stock buyback program.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Consumer survey shows record high optimism toward the stock market, even as election loomsConsumer confidence that stocks will contin ue to rise in price has hit an all-time high, but the BTIG investment bank isn't quite so optimistic.
Source: CNBC - 🏆 12. / 72 Read more »

Consumer survey shows record-high optimism toward the stock market, even as election loomsDespite increased market volatility stemming from the U.S. presidential election on Tuesday, consumer confidence toward equities has reached its most bullish point ever.
Source: NBCNews - 🏆 10. / 86 Read more »

China consumer slowdown weighs on U.S. earnings againFrom Apple to Starbucks, U.S. consumer brands are reporting yet another quarter of China sales declines.
Source: NBCNewYork - 🏆 270. / 63 Read more »