CLOSING BELL: TSX hits three-week high with energy leading the way
Energy stocks led the way on Bay Street as rising oil prices pushed the TSX higher. It closed up 130 points at 15,638, a three-week high.
Wall Street saw another positive day as well. The Dow Jones ended the week at 25,311, up 348 points. The technology sector playing a big part in those gains.
Stats Canada says the country’s inflation rate fell last month compared to December. The rate for January was 1.7 per cent, a drop of 0.2 per cent. Lower prices for gasoline and cars were behind the decline. Despite that the Bank of Canada remains on pace to raise interest rates again this year thanks to stronger underlying prices.
Bank reporting season rolled on today with RBC announcing a flat quarterly profit of $3 billion, beating out expert predictions. CIBC also beat out earnings expectations with its report earlier this week.
TD Bank customers won’t be able to buy Bitcoin with credit cards anymore. The bank has announced it’ll be doing a review of the cryptocurrency market. A number of U.S. banks have already made a similar decision.
And in afterhours trading at presstime oil is up 77 cents to $63.54 U.S. per barrel, gold is down $1.50 to $1331 U.S. an ounce and the loonie is up 0.34 per cent to 78.96 cents U.S.