TORONTO
MARKET NEWS: BEFORE THE BELL
At the open: Miners push TSX higher after 2 days of losses (RTGAM)
Malcolm Morrison January 13th, 2015
TORONTO The Toronto stock market was higher after two days of losses.
The S&P/TSX composite index gained 17.02 points, or 0.12 per cent, to 14,282.03 with most sectors positive, led by advances in gold stocks as nervous investors sent bullion higher for a third day.
The Canadian dollar was ahead 0.08 of a cent to 83.64 cents (U.S.).
New York indexes also clawed back losses from the last two sessions as the Dow Jones industrials jumped 223.8 points to 17,864.64, the Nasdaq ran ahead 55.61 points to 4,720.32 and the S&P 500 index was 21.8 points ahead to 2,050.06.
Oil prices continued to tumble a day after investment bank Goldman Sachs forecast reduced forecasts for global benchmark crude prices. It forecast that West Texas Intermediate – the North American benchmark – will trade at $41 (U.S.) a barrel in three months. It had previously forecast WTI at $70.
Oil in New York fell 66 cents to $45.41 a barrel, its lowest level in almost six years. The latest plunge in oil prices comes as the United Arab Emirates’ oil minister said that the Organization of the Petroleum Exporting Countries will stick to its decision to keep oil output unchanged regardless of current oil prices.
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