A broad-based rally pushed Canada’s main stock index to a new intraday record high on Monday. The energy sector led an early rally on the TSX while healthcare and tech moved lower.
After starting the month under fears of a recession, the Dow Jones Industrial Average began the last trading week of the month achieving a record of its own. Despite the Dow’s record close, losses among some big names in tech dragged the Nasdaq lower along with the S&P 500 index. Traders seem to have put the earlier selloff to bed and now look to impending rate cuts from the Federal Reserve. Markets in the U.K. were closed for the summer bank holiday.
The Canadian dollar traded for 74.18 cents U.S. compared with 74.01 cents U.S. on Friday.
U.S. crude futures traded $2.34 higher at $77.17 a barrel, and the Brent contract rose $2.26 to $81.28 a barrel.
The price of gold was up US$3.19 to US$2,518.95.
In world markets, the Nikkei was down 254.05 points to 38,110.22, the Hang Seng was up 186.63 points to 17,798.73, the FTSE remained at 8,327.78, and the DAX was down 16.08 points to 18,617.02.
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(Top image generated with AI)