02:24:21 EDT Fri 17 May 2024
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Globe/wire say TSX makes gains as oil prices rise

2023-09-13 09:15 ET - In the News

The Globe and Mail reports in its Wednesday edition that Wall Street stocks ended lower on Tuesday as Oracle shares tumbled 13 per cent after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. A Reuters dispatch to The Globe says Toronto was able to end in positive territory thanks to a rally in energy stocks. The S&P/TSX Composite Index closed at 20,223.08 points, up 40.32. Cloud-computing players Amazon and Microsoft each fell more than 1 per cent, pressured by Oracle's weak forecast and by a rise in Treasury yields. Oil prices jumped more than 1 per cent, building on a recent rally and stoking worries that sticky inflation could mean U.S. interest rates stay higher longer in the aftermath of strong economic data. OPEC on Tuesday stuck to an upbeat oil demand growth forecast for this year and next, citing resilient economic growth despite rising interest rates. Apple dropped 1.8 per cent after unveiling new iPhones while not increasing prices as it faces a global smart phone slump. The stock was also hurt by a report that China's Huawei has raised the second-half shipment target for its Mate 60 series smart phone by 20 per cent.

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