CLOSING BELL: Markets rebound with energy leading the way, Facebook falls again
It was a turnaround day on the markets with things looking up after yesterday’s steep losses. On Bay Street the TSX rode gains in the energy sector to a close of 15,616, up 26 points.
In New York it was the same story with energy stocks leading the way, but losses by Facebook tempered gains. The social media company’s stock continued to take hits in the wake of the Cambridge Analytica scandal. Bloomberg is reporting the U.S. Federal Trade Commission will be investigating Facebook over the data breach that affected 50 million users. The Dow Jones was up 116 points to close at 24,727.
Meanwhile investors are keeping an eye on the U.S. Federal Reserve. It’s having a policy meeting today and tomorrow and it’s widely expected the Fed will be announcing another quarter per cent interest hike in the near future.
A Dalhousie University study says the bread price-fixing scandal has caused Canadian consumer trust in grocery chains to falter. It’s down 10 per cent for Loblaw and 6.31 per cent overall.
And in afterhours trading at press time oil is up $1.38 to $63.51 U.S. per barrel, gold is down $7.40 to $1310.40 an ounce, and the loonie is nearly even at 76.43 cents U.S.