Strength in the energy sector helped Canada’s main stock index gain ground on Tuesday, through strength flowing from the energy sector. Oil prices also rose to their highest level in more than a month, 4.5%, while US crude inventories shrank more than expected and as major producers evacuated rigs in the Gulf of Mexico before a storm. The S&P 500 traded above 3,000 points for the first time, just as Federal Reserve Chairman Jerome Powell hinted that an interest rate cut is coming.
The S&P/TSX Composite Index was up 18.08 points to 16,563.29, the TSX Venture Exchange was up 0.37 of a point to 585.85.
The Canadian dollar traded for 76.24 cents US compared with an average of 76.18 cents US on Tuesday.
Crude oil prices were up $2.51 to $60.34.
The price of gold was up $20.19 to $1,417.69.
In U.S. markets; the Dow grew 76.71 points to 26,860.20, the S&P 500 climbed 13.44 points to 2,993.07 and the NASDAQ gained 60.80 points to 8,202.53.
In world markets; the Nikkei lost 31.62 points to 21,533.48, the Hang Seng increased 88.69 points to 28,204.69, the FTSE slid 5.78 points to 7,530.69, and the DAX gave up 62.82 more points to 12,373.41.