AFTER THE BELL: Dow lifts on Fed Bank Chair’s comments, materials push TSX higher
A rise in oil and gold prices helped push the TSX into positive territory today.
Gold was up $17.40 to $1,204 an ounce against a weakening greenback, while oil rose 76 cents to $68.59 US a barrel on fears of Iranian supply shortages.
Canada’s stock exchange ended the day up 29 points, with five of 11 major sectors in the green. Gold’s price jump pushed the materials sector 1.8 percent higher, while the energy sector increased nearly half a percent.
In New York, positive comments from Federal Bank Chair Jerome Powell on the state of the U.S. economy helped lift the Dow to triple digit gains today.
Powell hinted of the Fed taking a gradual approach to raising interest rates if the American economy remains strong, which boosted investors’ confidence on Wall Street.
The Dow finished 133 points higher today.
Meanwhile, shares in Netflix rose 5.8-percent after a Wall Street analyst upgraded the company from buy to hold.
This factored into a 67-point increase on the Nasdaq.
After dropping more than half a cent yesterday, the loonie rallied somewhat, up 27/100ths of a cent to $0.7669 cents US.