A broad-based rally was led by strength in the financial and technology sectors as Canada’s main stock index gained more than 300 points in Tuesday trading. Shopify was a major gainer on the day, while south of the border, growth stocks such as Tesla, Microsoft, Meta, and Amazon also climbed higher.
Wall Street’s main indexes rose as earnings season moves shifts to high gear, with investors keeping a close eye on the impact of higher inflation on demand and what a stronger dollar means for overall profits.
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The Canadian dollar traded for 77.68 cents US compared to 77.09 cents US on Monday.
US crude futures traded 1.34 per cent higher at $104.00 a barrel, while the Brent contract gained 0.97 of a per cent to $107.30 a barrel.
The price of gold was up US$3.34 to US$1,712.12.
In world markets, the Nikkei was up 173.21 to 26,961.68, the Hang Seng was down 185.12 points to 20,661.06, the FTSE was up 73.04 points to 7,296.28, and the DAX was up 348.60 points to 13,308.41.
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