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Stockhouse @ the Bell: TSX & Wall St. lower, despite higher retail sales

Stockhouse Editorial
0 Comments| July 16, 2019

Canada’s main stock index nudged lower on Tuesday, despite gains in the industrial sector and materials stocks. US stock markets also had depressed showing. A stronger-than-expected report on retail sales increased the possibility that a second rate cut by the Federal Reserve this year could be pushed back by several months. This saw Treasury yields climb higher. American retail sales rose 0.4% in June on higher purchases of motor vehicles and several other goods. Oil prices also leveled-out as production resumed in the Gulf of Mexico now that Hurricane Barry has blown over, coupled with a boom in US supply from shale oil countered tensions in the Middle East.

The S&P/TSX Composite Index was down 8.40 points to 16,502.42, the TSX Venture Exchange was up 1.13 points to 580.17.

The Canadian dollar traded for 76.70 cents US compared with an average of 76.69 cents US on Monday.

Crude oil prices were down $1.56 to $58.02.

The price of gold was down $6.40 to $1,403.50.

In U.S. markets; the Dow slid 23.53 points to 27,335.63, the S&P 500 dipped 10.26 points to 3,004.04 and the NASDAQ fell 35.39 points to 8,222.80.

In world markets; the Nikkei lost 149.60 points to 21,535.25, the Hang Seng gained 64.89 points to 28,619.62, the FTSE increased 45.75 points to 7,577.20, and the DAX was up 43.78 more points to 12,430.97.


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