CLOSING BELL: GOLD AND POSITIVITY FROM POLOZ PUSH TSX HIGHER
The TSX got a boost today on the backs of gold and positive comments from the Bank of Canada’s chief, but Wall Street couldn’t keep up.
Governor Stephen Poloz indicated it was up to central bank to encourage continued growth in Canada’s economy, which analysts have interpreted as a cautious stance on raising interest rates. Canada’s main stock market finished the day at 15,647, up 42 points.
On Wall Street though things took a tumble in the wake of U.S. President Donald Trump firing Secretary of State Rex Tillerson and those ongoing worries over tariffs. The Dow Jones closed down 171 points to 25,007.
Think-tank OECD has improved its economic projections for Canada.
The organization says the country’s economy should see growth of 2.2 per cent in 2018, an improvement of 0.1 per cent over an earlier projection. But it did temper that with a warning about what effect things like the American steel and aluminum tariffs could have on the global economy.
At press time oil is down 73 cents to $60.63 U.S. per barrel, gold is up $5.20 to $1326 an ounce, and the loonie continues to take hits, down more than three quarters of a cent, to 77.06 cents U.S.