Despite a jump in the price of oil, the energy sector's 4% rally was unable to push Canada’s main stock index higher on Wednesday, even though there was also an early lift from metals and mining stocks.
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US stock futures closed mostly lower, with tech stocks unable to dig the Nasdaq out of last week’s hole. It more than lost the gains made in the previous session and still sits over 7% below its record high from September 2nd. The Dow clocked in a four-session win streaks but like the S&P, is still 5% off record highs. Also in the news, The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low. August retail sales rose 0.6%, but economists had expected an increase of 1%. July’s gain was revised lower to a 0.9% advance.
Today in the Markets
The Canadian dollar traded for 75.97 cents US compared with 75.90 cents US on Tuesday.
Crude oil prices were up $1.92 to $40.20.
The price of gold was up $2.81 to $1,958.41.
In world markets, the Nikkei was down 103.95 points to 23,454.89, the Hang Seng was up 92.83 points to 24,732.76, the FTSE was up 80.33 points to 6,105.54, and the DAX was up 24.05 points to 13,217.67.
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