CLOSING BELL: Tale of two markets as TSX edges up, but Dow takes a fall
It was two different stories in Toronto and New York City today when it comes to the markets.
On Bay Street, Canada’s main stock market was higher as the heavyweight energy sector and materials shares were both up. Investors were also reacting positively to Bank of Canada Governor Stephen Poloz’s comments that the country’s economy is looking good. Some late selling though led to the TSX closing up just 9 points, at 15,627.
On Wall Street investors weren’t as cheery. Even an announcement from the Federal Reserve that its interest rate won’t be going up today didn’t bolster sentiments. The Dow Jones closed at 23,924, losing 174 points.
Suncor Energy has joined the chorus of companies saying they’ll be slowing down investment in the oil sands and pipelines. The company’s CEO reportedly telling a group of analysts that Suncor won’t be putting up the cash for big projects until the industry gets more competitive.
At press time oil is up 44 cents to $67.69 U.S. per barrel, gold is down $1.30 to $1305.50 an ounce, and the loonie is down a fifth of a cent to 77.64 cents U.S.