22:59:44 EDT Thu 16 May 2024
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Globe/wire say TSX closes at highest since May 9

2023-07-25 09:18 ET - In the News

The Globe and Mail reports in its Tuesday edition that the Dow Jones Industrial Average led Wall Street higher on Monday and notched its longest winning streak in six years. A Reuters dispatch to The Globe says that investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting. The Canadian benchmark index posted only a modest gain, but it was enough for its highest close in 2-1/2 months, with energy stocks doing the heavy lifting. "What you're seeing now is people broadening the breadth of the market," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research. "People are starting to maybe take some profits [in tech] and invest in other parts of the markets that they might see a little bit better bargain." Investors are awaiting Microsoft, Alphabet and Meta earnings this week, which will show whether their stocks justify sky-high valuations. The tech-heavy Nasdaq Composite Index has rallied 41 per cent this year. The S&P/TSX Composite Index ended up 0.2 per cent at 20,582.12, its highest close since May 9. Toronto's energy sector rose 1.7 per cent as oil settled 2.2 per cent higher at $78.74 (U.S) a barrel.

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