Canada’s stock market is up on stronger U.S. numbers, oil prices
Canada’s TSX stock market continued its rise today after falling earlier this week thanks to positive U.S. economic data and firmer oil prices. Some oil companies are beginning to rebound from sharp falls as well as the TSX makes a comeback.
The market made a 1.2% rally today as positive U.S. data reinforced the Federal Reserve’s confidence in the economy and the energy sector climbed with the price of U.S. crude, reports Reuters. The Toronto equity market rebounded for a second day following a sharp sell-off. “It’s an oversold bounce,” said Robert McWhirter, president and portfolio manager at Selective asset Management.
Canadian Natural Resources (ticker: CNQ) rallied 2.9% today to C$33.10 as signs of economic strength in the U.S. translated to stronger stocks in Canada.
Data indicated a drop in the U.S. trade deficit to an 11-month low in November as well as gains in hiring by U.S. private employers in December, spurring stronger markets in Canada, its biggest trading partner. The latest labor-market figures showed a drop in the number of jobless claims falling last week and job cuts declining for a second straight month.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 172.72 points, or 1.21%. All 10 main sectors on the index were higher.
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