Commodity-focused stocks led gains for Canada’s main stock index on Tuesday, although a rise in Treasury yields and signs of a slowdown in the domestic housing market capped gains. While the industrial, tech, and financial sectors were up, the energy, mining and health care segments were lower.
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A strong holiday forecast from Walmart and Home Depot, along with better-than-expected retail sales data boosted confidence in an economic recovery, helping Wall Street indexes to move higher. Retail sales rose more than expected in October, giving the economy a lift at the start of Q4 2021. Black Friday might be 10 days away, but Americans are starting their holiday shopping early to avoid empty shelves amid supply chain disruptions. The US Dollar also advanced to fresh highs last seen in late July 2020.
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The Canadian dollar traded for 79.70 cents US compared with 79.90 cents US on Monday.
Crude oil prices were down $0.75 to $80.13.
The price of gold was down 0.91 to $1,861.35.
In world markets, the Nikkei was up 31.32 points to 29,808.12, the Hang Seng was up 322.87 points to 25,713.78, the FTSE was down 24.89 points to 7,326.97, and the DAX was up 93.36 points to 16,242.00.
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