23:48:31 EDT Thu 16 May 2024
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Globe/wire say TSX ends down but stays above 20,000

2023-11-28 07:25 ET - In the News

The Globe and Mail reports in its Tuesday edition that U.S. and Canadian stocks edged lower on Monday, with investors taking a pause as the holiday shopping season kicked into high gear. A Reuters dispatch to The Globe says that all three major U.S. stock indexes, as well as the S&P/TSX Composite Index, ended the session modestly lower. On-line shopping deals as part of Cyber Monday are expected to entice shoppers to spend a record $12-billion (U.S.), according to Adobe Analytics, in the latest upbeat sign regarding the health of the American consumer, whose spending is responsible for about 70 per cent of the U.S. GDP. "This week all eyes will be focused on additional [U.S.] inflation data as well as consumer confidence and spending to determine if Main Street has kept up with Wall Street," said Greg Bassuk at AXS Investments in New York. Resilience of the consumer and the tightness of the labour market amid signs of a dampening economy have many market observers digesting the possibility that while the Federal Reserve has reached the end of its tightening cycle, it might keep restrictive policy rates in place for longer than expected. The S&P/TSX composite ended down 70.45 points at 20,032.66.

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