CLOSING BELL: Markets climb in face of higher U.S. inflation
Bay Street stumbled out of the gate this morning but was able to shrug off those early losses to finish up. Mining, financials and energy all helped propel the TSX 111 points to close at 15,328.
The Dow Jones up today as well, even in the face of reports that U.S inflation grew faster than was expected in January, which could mean sooner than expected interest rate hikes. The Dow Jones closed at 24,893, a gain of 253 points.
Gains in the marijuana sector today as Canada’s biggest producer, Canopy Growth, released quarterly results showing doubled revenue and higher profits in the third. On top of that six companies, including Canopy, have all announced deals to supply the Quebec liquor board with cannabis. The others are Hydropothecary, Aphria, MedReleaf, Aurora, and Tilray.
Oil is higher today, bouncing back from early losses, sitting at $60.68 U.S. per barrel, up $1.49. Gold up as well, $23.80 to $1354 U.S. an ounce, And the loonie is up three quarters of a point, to 79.97 cents U.S.