22:37:10 EDT Thu 16 May 2024
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Globe/wire say TSX eases as November's euphoria ends

2023-12-06 09:18 ET - In the News

The Globe and Mail reports in its Wednesday edition that Canada's main stock index edged lower on Tuesday, consolidating some recent gains for a second day, as investors weighed signs of a weaker economy both domestically and the United States. A Reuters dispatch to The Globes says that a drop in commodity prices pressured the energy and materials sectors. The S&P/TSX Composite Index ended down 34.28 points at 20,375.93. U.S. indexes ended Tuesday trading mixed. "We're coming off a month of euphoria in November and maybe a little bit of reality is beginning to settle into the market," said Michael Sprung, president at Sprung Investment Management. The Toronto Stock Exchange was up 7.2 per cent in November, its biggest monthly advance in three years, as investors grew hopeful that the Federal Reserve and the Bank of Canada are done increasing interest rates. The Canadian central bank is expected to leave its benchmark interest rate on hold at a 22-year high at a policy decision on Wednesday and then begin cutting rates next year as inflation and the economy show signs of slowing. Meanwhile, U.S. job openings dropped in October to the lowest level since early 2021, indicating that the labour market there was easing.

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