Canada’s top stock index came out of the gate hot on Friday to close out the week, reaching a new peak above 31,760 in early trading. Regardless of this success, the TSX still closed lower by the end of the day.
The Dow Jones Industrial Average traded near record heights, only to also fall from grace as a Federal Reserve interest rate cut followed by disappointing Oracle (NYSE:ORCL) results, prompted investors to move out of high-flying tech stocks and into names that can benefit from a growing US economy.
The Canadian dollar remained at 72.61 cents US.
US crude futures traded $0.16 lower at US$57.44 a barrel, and the Brent contract also lost $0.16 to US$61.12 a barrel.
The price of gold was up US20.35 to US$4,302.11.
In world markets, the Nikkei was up 687.73 points to ¥50,836.55, the Hang Seng was up 446.28 points to HK$25,976.79, the FTSE was down 54.13 points to ₤9,649.03, and the DAX was down 108.12 points to €24,186.49.
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