23:51:16 EDT Thu 16 May 2024
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Globe/wire say TSX edges up as gold, bitcoin rally

2024-03-12 09:06 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canada's main stock index rose on Monday, benefiting from a broadening of the recent rally to include stocks considered cheap, although gains were restrained ahead of a key U.S. inflation report. A Reuters dispatch to The Globe says that S&P 500 ended slightly lower while bitcoin rallied to another record high. The S&P/TSX Composite Index ended up 31.69 points at 21,769.22, stopping short of the near two-year high it notched on Thursday at 21,794.56. "That broader uptrade persists but today we are seeing some indecision ahead of the U.S. CPI report," said Angelo Kourkafas, senior investment strategist at Edward Jones. The U.S. consumer price index report for February, due on Tuesday, could help guide expectations for the start of Federal Reserve interest-rate cuts. The Toronto Stock Exchange has a heavy concentration of value stocks, including companies in the financial, industrial and material sectors, that tend to trade at a cheaper price than their expected cash flows would suggest. Gold continued its record-setting rally. Financials also gained ground, and energy was up despite the price of oil settling slightly lower at $77.93 (U.S.) a barrel.

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