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Energy stocks help lift S&P/TSX composite Tuesday, U.S. stocks also rise

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Gains in energy stocks helped buoy Canada's main stock index Tuesday, while U.S. markets also rose, as investors in both countries await big economic news Wednesday.

Trading on Tuesday was the calm before the storm, with markets ticking upwards ahead of inflation data to be released in the U.S. and a central bank meeting in Canada, said Anish Chopra, managing director with Portfolio Management Corp.In New York, the Dow Jones industrial average was up 317.02 points at 34,261.42. The S&P 500 index was up 29.73 points at 4,439.26,while the Nasdaq composite was up 75.22 points at 13,760.70.

With data showing the labour market is still strong, a rate hike in July is likely regardless of what the inflation release shows, said Chopra. But it's what comes after July that's less certain, he said. On the other side of the border, the Bank of Canada is widely expected to announce another rate hike Wednesday, said Chopra.

 

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Energy stocks help lift S&P/TSX composite higher, U.S. stocks also rise | Globalnews.caStrength in energy stocks helped lead the gains for Canada's main stock index in late-morning trading, while U.S. stock markets also climbed higher.
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