01:14:56 EDT Fri 17 May 2024
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USA
CA



Globe/wire say TSX back above 21,000

2023-12-28 08:01 ET - In the News

The Globe and Mail reports in its Thursday edition that the Canadian benchmark stock index rose more than 130 points Wednesday to above the 21,000 level in a broad advance, while U.S. stocks closed slightly higher. A Reuters dispatch to The Globe says there was little market-moving news to fuel conviction as the S&P 500 hovered just below bull market confirmation. The three major U.S. stock indexes oscillated between modest gains and losses throughout the session but finished up for the day. All are on course for monthly, quarterly and annual gains. "When you have very few catalysts and minimal trading activity you tend to see continuation of the trends," said Chuck Carlson at Horizon Investment Services in Hammond, Ind. "We've got three days left of trading in the year. That means three days left of tax harvesting, three days of portfolio window dressing. Those sort of things can get magnified because of the lack of trading volume." Reaching a new record close would confirm the bellwether U.S. index entered a bull market when it reached the bear market closing trough in October, 2022. The S&P/TSX Composite Index closed at 21,015.91, up 134.72 points -- the index's first close above 21,000 since June, 2022.

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