Canada’s main stock market rallied from early losses today to extend its winning streak, but was flat overall.
The financial sector had pulled things down on Bay Street as investors reacted to news that inflation was still above the Bank of Canada’s two per cent target in April, but a tenth of a point below the expected 2.3 per cent. That’s leading analysts to believe another interest rate increase from the Bank of Canada won’t be happening this month. The TSX closed the day 18 points higher at 16,162 as healthcare stocks helped offset those losses, especially medical marijuana.
On Wall Street the Dow Jones ended pretty much where it started, closing at 24,715, just a single point higher. Analysts say investors are still concerned over the trade issues between the United States and China, which has killed off momentum from a strong earnings report season.
At press time oil is down 18 cents to $71.31 U.S. per barrel, gold is up $1.80 to $1,291.20 an ounce, and the loonie is down half a cent to 77.62 cents U.S.