MID-DAY: TSX boosted by positive Canadian economic report; oil slides on added crude production
Canada’s growing economy is good news for investors.
The TSX is up to 16,362, following a report from Stats Can showing the economy boosted two times higher than economy expectations in May. Across the border, the Dow is up 122 points to 25,428. Experts say the tech sector fall has been halted as bargain hunting investors look for cheap stock options. Investors are also hopeful Apple’s quarterly report helps boost the sector back up again.
Meanwhile, the price of crude is slipping once again following a report on oil production. OPEC reportedly pushed production in July to offset an increase in demand and a cut in supply. This is pushing the price of US crude down to 69.08 a barrel.