A solid rally among mining and energy shares paved the way for major gains for Canada’s resource-heavy main stock index on Wednesday. As traders await more U.S. economic data this week to adjust their expectations for the Federal Reserve’s monetary policy path, added gains in financial and tech stocks also offered some support.
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U.S. stocks were lively as the recent bull market for stocks has shown signs of broadening out. A day after setting an all-time high, the S&P 500 was virtually unchanged. Dollar Tree lost 14 per cent after reporting a $US1.7 billion net loss in its most recent quarter and announcing plans to close 1,000 stores.
The Canadian dollar traded for 74.23 cents compared with 74.11 cents U.S. on Tuesday.
U.S. crude futures traded $2.18 higher at $79.74 a barrel, and the Brent contract added $2.14 to $84.06 a barrel.
The price of gold was up US$15.46 to US$2,172.50.
In world markets, the Nikkei was down 101.54 points to 38,695.97, the Hang Seng was down 11.39 points to 17,082.11, the FTSE was up 28.27 points to 7,776.08, and the DAX was up 2.44 points to 17,967.55.
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