MID-DAY: TSX gets healthy boost from crude rally; US backs off Chinese technology ban
A new crude rally is boosting Bay Street once again.
The TSX is up 22 points to 16,302 as the price of crude is back on the rise. Analysts say an issue with production in Northern Alberta won’t be fixed until mid-July. And with the US pushing for importers to stop buying Iranian crude and geopolitical concerns putting Libyan flow in jeopardy, the current supply is draining. The price of US crude is gaining to 72.55 a barrel.
On Wall Street, stocks are gaining once again as US officials are taking a softer tone on Chinese technology. The US will reportedly be imposing a security review of Chinese investments rather than all out banning Chinese technology.
The Dow is up 246 points to 24,529.