MID-DAY: Oil gains, pushing up TSX and Dow; Lowes announces closures of over 50 North American stores
As oil prices strengthen again, the TSX is gaining some footing. The Bay Street index is up 94 points to 15,213 with help from the energy sector. The price of US crude is growing to 64.02 a barrel after sliding all last week. The recovery comes as US-led sanctions kick in against Iran despite American officials allowing other countries to continue exporting Iranian oil and a push in production to offset losses.
The Dow is growing slightly by 147 points to 25,417 thanks to growth in oil. But, both the Dow and NASDAQ are feeling weight after Apple shares fell over 2 per cent.
Investors are also getting nervous about the interest rate ahead of a US Federal Reserve meeting later this week.
The energy-tied Loonie is slowly growing to 76.41 cents US.
Lowes is closing 51 of its stores in North America, including some of the RONA brands in Canada. The company cited poor performance in the stores closing by February 1st next year.