Rising cost of oil helps TSX, U.S. markets stand higher
Rallying oil prices helped pull Canada’s categorical batch index and a U.S. counterparts into record domain on Wednesday, while a loonie mislaid ground.
The SP/TSX combination index modernized 61.56 points to 16,371.55, with appetite shares adult 1.5 per cent as a Feb wanton agreement surged US$1.26 to US$61.63 per barrel.
Oil prices are during two-and-a-half-year highs and are still rising. One reason is that investors are endangered that a tube bombing in Libya final month and protests in Iran could revoke oil supplies.
“I didn’t consider oil could go any higher,” pronounced Allan Small, a comparison investment confidant during Holliswealth. “There’s a lot of things causing certain movement for a cost of oil that in my opinion is not sustainable.”
Health-care bonds also gave a TSX a boost, with shares of protected pot producers such as Canopy Growth Corp. and Aphria Inc. up 10.91 per cent and 6.29 per cent, respectively, during a shutting of markets.
South of a border, record companies once again led U.S. bonds aloft on Wall Street, with software-maker Oracle advancing 2.5 per cent and IBM adding 2.7 per cent.
The Dow Jones industrial normal gained 98.67 points to 24,922.68. The SP 500 index combined 17.25 points to 2,713.06 and a Nasdaq combination index was adult 58.63 points to 7,065.53.
In banking markets, a Canadian dollar sealed during an normal trade value of 79.79 cents US, down 0.10 of a U.S. cent.
Elsewhere in commodities, a Feb healthy gas agreement gave behind 5 cents to $3.01 US per mmBTU.
The Feb bullion agreement was adult $2.40 US to $1,318.50 US an unit and a Mar copper agreement was down dual cents to $3.26 US a pound.
Article source: http://www.cbc.ca/news/business/dollar-markets-oil-1.4472022?cmp=rss