01:39:18 EDT Fri 17 May 2024
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Globe/wire say TSX ends down a bit, stays above 20,000

2023-11-17 09:29 ET - In the News

The Globe and Mail reports in its Friday edition that Canada's main stock ended flat on Thursday after five straight days of gains, as investors grew more worried about the economic outlook and a drop in the price of oil weighed on energy shares. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 4.82 points at 20,053.07. The benchmark index gained 2.7 per cent over the previous five sessions as market sentiment improved on hopes that the U.S. Federal Reserve was done raising interest rates. Wall Street's major indexes ended mixed after disappointing earnings forecasts from Cisco and Walmart. The problem for investors is that interest rates are peaking "because there's a potential recession coming," said Greg Taylor at Purpose Investments. "The Walmart numbers are triggering a little more caution on the overall economy." The energy sector lost 1.9 per cent as oil tumbled to its lowest level since July 7 following weak data from the U.S. and Asia. U.S. crude oil futures settled 4.9 per cent lower at $72.90 (U.S.) a barrel. The price of gold, meanwhile, rose 1.1 per cent Thursday to about $1,980 per ounce. Canadian government bond yields fell across the curve, tracking U.S. Treasuries.

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