Tracking higher crude prices, energy shares rose, pushing Canada’s main stock index to a higher close on Tuesday, although concerns over a global recession limited gains.
Amid growing doubts if the US Federal Reserve can engineer a soft landing for the economy and avoid a recession, markets have priced in aggressive rate hikes in July and September to battle surging inflation.
As investors south of the border returned from a long weekend to scoop up shares of megacap growth companies and banks that were hammered in a rout last week on worries over a global economic downturn, U.S. stock indexes also climbed higher.
Today in the Markets
The Canadian dollar traded for 77.44 cents US compared to 76.93 cents US on Monday.
US crude futures traded 0.93 per cent higher at $110.60 a barrel, while the Brent contract added 0.43 per cent to $114.60 a barrel.
The price of gold was down US$8.71 US to $1,830.44.
In world markets, the Nikkei was up 475.09 points to 26,246.31 the Hang Seng was up 395.68 points to 21,559.59, the FTSE was up 30.24 points to 7,152.05, and the DAX was up 26.80 points to 13,292.40.
Get @ the Bell delivered to your email inbox every day!
DISCLAIMER: By viewing any material on or distributed by Stockhouse Publishing Ltd. and its Information Providers you agree to both the following disclaimer, and the full disclaimer that can be viewed here.
Any holdings, theories, speculation or trades appearing anywhere on the Stockhouse network of websites should not be relied upon for purposes of transacting securities or other investments, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. This applies to any material regardless of source, placement, presentation or reproduction. Any Information Providers to Stockhouse or employees of Stockhouse may from time to time have positions in the stocks or other entities mentioned anywhere on the Stockhouse Network of websites. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. Stockhouse and its contributors makes no guarantee as to the validity of any information, speculation, theories or research presented herein whether pertaining to the past, present or future. The Service and The Materials are provided by Stockhouse and other Information Providers on an “as is” basis, and Stockhouse and other Information Providers expressly disclaim any and all warranties, express or implied, including, without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the service or any materials and products. In no event shall Stockhouse and other Information Providers be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever with respect to The Service, The Materials, and The Products.