"There are struggles at Chinese refineries that have to shut down so that could explain this big chunky in oil prices." The drop in energy prices, which Boudreau said was likely tied to demand concerns out of China, pushed down the S&P/TSX energy index by 3.2 per cent, including a 3.7 per cent decline for Cenovus Energy Inc. and in Canada."Įnergy stocks were the outlier of the day as the October crude contract ended down US$4.94 at US$81.94 per barrel and the October natural gas contract was down 30 cents at US$7.84 per mmBTU.
"That pullback today gives a little bit of breathing room to every asset price around and as expected we're seeing growth stocks outperform value stocks, both in the U.S.
#Perfectly clear crossword driver
There wasn't a single driver to the gains, but the market climb came as bond yields pulled back after making fairly sharp gains in recent weeks, said Boudrreau. The S&P 500 index was up 71.68 points at 3,979.87, while the Nasdaq composite was up 246.99 points at 11,791.90. In New York, the Dow Jones industrial average ended up 435.98 points at 31,581.28. Every sector in the TSX is up except for energy, due to oil prices being down," said Boudreau.įinancials saw a 1.2 per cent gain, information technology was up 2.3 per cent including 3.5 per cent for Shopify Inc., and industrials rose 1.6 per cent. And that has an effect on Canadian markets in general. "It's been mostly a day of risk-on in global markets. With nothing from the bank to dampen investor sentiment, the S&P/TSX composite index rode the wider investor enthusiasm on the day that saw big gains in U.S. The main shift in messaging from the bank was the removal of referring to front-loading rate increases, indicating smaller rate hikes ahead.
The Bank of Canada did signal more rate hikes would be required to tame inflation, which had also been widely expected, said Boudreau. So it didn't end up moving markets too much over the day." The amount of the increase "was as close as you can get to perfectly priced in by market. The S&P/TSX composite index closed up 153.29 points at 19,241.44 as the Bank of Canada's 0.75 percentage point rate increase didn't come with any surprises, said Jules Boudreau, economist at Mackenzie Investments. markets despite a drop in the price of oil that pushed energy stocks down. TORONTO - Canada's main stock index closed up along with U.S.
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