MID-DAY: Oil spike pushes TSX higher; Dow weighted by trade war worries
A spike in oil prices may not be good for drivers wallets, but it is good for Bay Street. The TSX is up to 16,225 thanks to a gain in oil prices, since OPEC has decided not to push production to meet a growing need in demand. US oil is gaining to 72.15 a barrel.
Gold is also gaining 6.90 an ounce to 1,207 as Canadian company Barrick Gold ingests Rangold Resources bringing its value to over $18 billion.
The Loonie is down to 77.36 cents US despite a gain in wholesale in Canada. StatsCan reported sales were up by 1.5 per cent to nearly $64 billion in July led by the household goods sector and trailed by auto and food and beverage sales.
Across the border, as trade war worries escalate, the Dow is slipping 150 points to 26,593.