Energy stocks drag TSX down as oil falls below US$80, while U.S. markets rise

TORONTO — Losses in the energy sector dragged Canada's main stock index down Tuesday, while U.S. markets rose, led by gains on the Nasdaq.In New York, the Dow Jones industrial average was up 56.74 points at 34,152.60. The S&P 500 index was up 12.40 points at 4,378.38, while the Nasdaq composite was up 121.08 points at 13,639.86.

The U.S. Federal Reserve last week announced it was holding its key overnight rate steady, though it left the door open to more rate hikes if necessary to continue cooling inflation.“Interest rates have continued to fall across the yield curve,” she added. But in Canada, the falling price of oil overshadowed the market. Oil fell below US$80 per barrel, and the energy index on the TSX was down 3.77 per cent.

"Oil is a commodity that has cyclical demand characteristics to it. And so any outlook ... in the context of a slowing economy means that there will be less demand for oil," she said.

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