MID-DAY: Blue wave continues boosting Wall Street; Parmalat buys out Kraft cheese sector for $1.2 billion
Wall Street is getting a boost from the blue wave that’s swelled in the US. The Dow is gaining 259 points to 25,894 after the Democrats took over the House of Representatives in the midterm elections.
The TSX is getting a slight boost too pushing 47 points to 15,340.
The democrat win isn’t helping the Greenback as analysts expect the revamped house to push back against Donald Trump’s business-focused policies and corporate tax cuts.
The loss in the American currency is a gain for the Loonie as it pushes to 76.26 cents US.
The price of US crude is edging back from morning gains to 61.50 a barrel.
Parmalat is getting a cut of the cheese as it buys out a portion of Kraft for over $1.2 billion. The company will take over all Kraft cheese-related products like Cracker Barrel and aMOOza.