CLOSING BELL: Markets continue rally on oil, gold
North American Markets were higher today on the back of energy and materials.
Gold was up as the U.S. dollar weakened on word of lower than expected U.S. inflation, and the energy sector was up as Enbridge reported a better than expected first quarter.
Early on, oil gave back some of yesterday’s gains that came in the wake of U.S. President Trump pulling out of the Iran nuclear deal, but were up overall on the day. The TSX closed at 15,959, up 48 points.
In New York the tech sector pushed things higher on Wall Street, with the Dow Jones closing up 196 points at 24,739.
Canadian Tire is expanding its reach in the clothing industry, announcing it will buy Norwegian sportswear maker Helly Hansen for $985 million.
At press time the loonie is up close to three quarters of a cent, thanks to energy and commodities. It’s at 78.32 cents U.S. Oil is up 26 cents to $71.40 U.S. per barrel, and gold is up $8.10 to $1,321.10 an ounce.