Surging energy stocks helped power Canada’s stock exchange today.
On the backs of gains in 10 of 11 sectors, including a 1.7 percent rise in the oil-tied energy sector, the TSX added 89 points.
After two days of losses, it was a positive day on Bay Street as investors shrugged off recession fears sparked by Friday’s rare yield curve inversion, as well as ongoing jitters about slowing global economic growth.
Energy stocks were on the rise thanks to a bump in oil prices.
Heavyweight energy companies such as Canadian Natural Resources, Crescent Point and Encana Corporation saw increases ranging 2.5 and five percent.
Crude climbed $1.23 and $60.05 US a barrel, with the spotlight re-directed on OPEC supply cuts and falling U.S. inventories.
In New York, sentiment was lifted by the yield curve returning to normal, however earlier gains were pared as angst over U.S./China trade negotiations bubbled to the surface.
Even so, the Dow was up by 140 points while the Nasdaq moved up 53 points with key financial, energy, and I.T. stocks in the green.
It was a positive day on Wall Street despite U.S. housing starts slumping 8.7 percent in February, according to government figures released today.
This marks a one-and-a-half year low, according to CNBC.
On the tech beat, Apple’s stock slipped one percent, even with the company unveiling new services and products, including its Apple TV app.
As markets rose today, gold reversed course by losing $7.30 to $1,315 an ounce, while the Canadian dollar edged 8/100ths of a cent higher to $.07467 US.