CLOSING BELL: Markets rally to finish week on a positive note
North American markets were up big today as investors flocked to the heavyweight sectors. On Bay Street, Canada’s main stock market got a boost from gains in financials and energy. Combined they make up more than half of the TSX.
Higher oil prices helped propel energy shares, with the global supply lower as OPEC continues to limit production. Supplies could tighten up even more if the U.S. decides to slap Iran with sanctions once again over the nuclear deal.
The TSX closed the day 107 points higher to 15,729.
Technology led the charge on Wall Street as Apple shares hit a record high of $183.83 after Warren Buffet’s Berkshire Hathaway revealed it bought 75 million more shares of the company, to go with the 165.3 million it already owns, and investors followed suit. The Dow Jones was up 332 points, closing at 24,262.
Two days of trade talks between the U.S. and China have come to an end. Reports say the two countries arrived at some compromises on their disputes, but remain far apart on others.
At press time oil is up $1.34 to $69.77 U.S. per barrel, gold is up $2.20 to $1,314.90 an ounce, and the loonie is down a tenth of a cent to 77.75 cents U.S.