CLOSING BELL: Oil prices slump, but recover, on Trump tweet aimed at OPEC, TSX up
It was a positive day on Bay Street, but the sell-off on Wall Street continued.
In Toronto financial sector gains and a big jump by Rogers Communications, up close to six per cent, were kept in check by losses in the heavyweight energy sector, and disappointing inflation data.
Oil prices played their part in the energy losses after they slumped in response to U.S. President Donald Trump tweeting OPEC was keeping oil prices artificially high. Prices did claw their way back some as the day went on though. Inflation was up a tenth of a point to 2.3 per cent in March, going over the Bank of Canada’s two per cent target for the second month in a row. The TSX closed up 29 points at 15,484.
In New York it was another down day, with slumping tech stocks still taking their toll, as did energy shares. The Dow Jones lost 202 points, closing at 24,462. At presstime oil is down 20 cents to $68.13 U.S. per barrel, gold is down $10.60 to $1338.20 an ounce, and the loonie is down two-thirds of a cent to 78.40 cents U.S.