Energy Stocks Boost Canadian Market as U.S. Markets Decline

TORONTO — Strength in energy stocks helped Canada's main stock index eke out a small gain Thursday, while U.S. markets moved lower, led by weakness on the Nasdaq.In New York, the Dow Jones industrial average was down 220.33 points at 33,891.94. The S&P 500 index was down 35.43 points at 4,347.35,while the Nasdaq composite was down 128.97 points at 13,521.45.

Wall Street lost some of its steam after last week’s rally, while Canadian markets were a little higher due to strength in financials and energy, said Les Stelmach, senior vice-president and portfolio manager at Franklin Templeton Canada. “Last week ... we saw kind of a pretty decent rally in some of the interest-sensitive names,” he said.U.S. Treasury yields, which have recently been putting pressure on equities, rose after the government announced the results of a sale of 30-year Treasury bonds, and even further after comments by U.S. Federal Reserve chairman Jerome Powell that the central bank won’t hesitate to hike rates again if inflation isn’t under control.

As central banks on both sides of the border have indicated they’re near, if not at, the height of their interest rate hiking cycles, investors are now digesting the new normal for rates, said Stelmach.A summary of the Bank of Canada’s deliberations from its last interest rate decision indicated further interest rate hikes could still be on the table.

The December gold contract was up US$12.00 at US$1,969.80 an ounceand the December copper contract was up less than a penny at US$3.64 a pound.This report by The Canadian Press was first published Nov. 9, 2023.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

S&P/TSX composite up more than 200 points as energy stocks help lead rallyTORONTO — Strength in the energy stocks helped lead a broad-based rally as Canada's main stock index rose more than 200 points in late-morning trading, while U.S. stock markets were mixed. The S&P/TSX composite index was up 246.
Source: SooToday - 🏆 8. / 85 Read more »

S&P/TSX composite down as energy and base metals lead the way, U.S. stocks also lowerTORONTO — Canada's main stock index was down in late-morning trading with base metal and energy stocks helping to lead the way lower as prices for oil and other commodities fell. The S&P/TSX composite index was down 27.27 points at 19,548.32.
Source: SooToday - 🏆 8. / 85 Read more »

S&P/TSX composite down as energy and base metals lead the way, U.S. stocks also lowerTORONTO — Canada's main stock index was down in late-morning trading with base metal and energy stocks helping to lead the way lower as prices for oil and...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »