It might be too early to declare this as a Santa Claus Rally, but the stock markets were certainly acting festive in the last trading week before Christmas as all the major North American indices were up Monday. The TSX bounced back from Friday’s decline to finish up by 0.46 per cent as energy and financials powered Canada’s main stock index. Utilities, telecom and healthcare were sectors on the down side to begin the week.
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U.S. markets remained hot, albeit up slightly, while riding their seven week rally on the widespread belief that interest rates will be lowered in 2024. When that will be is unknown, of course, and Fed officials are cautioning investors that more proof of inflation being under control is needed before interest rates are cut.
The Canadian dollar traded for 74.64 cents U.S. compared to 74.78 cents U.S. on Friday.
U.S. crude futures traded $1.17 higher at $72.60 a barrel, and the Brent contract added $1.56 to $78.11 a barrel.
The price of gold was up US$5.00 to US$2,040.70.
In world markets, the Nikkei was down 211.57 points to 32,758.98, the Hang Seng was down 162.96 points to 16,629.23, the FTSE was up 38.12 points to 7,614.48, and the DAX was down 100.89 points to 16,650.55.
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