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“Canadian Stocks Soar While U.S. Markets Flatten”
In late-morning trading, Canada’s main stock index saw a significant boost of over 100 points, thanks to the strength of energy and base metal stocks. Meanwhile, U.S. stock markets experienced a slight decline.
Market Performance
The S&P/TSX composite index soared by 127.24 points, totaling 20,180.31. In comparison, the Dow Jones industrial average dipped by 21.19 points, settling at 34,923.28. The S&P 500 index also experienced a minor decrease of 2.65 points, reaching 4,505.59, while the Nasdaq composite ended down by 30.03 points at 14,083.64.
Currency Rates
On the currency front, the Canadian dollar traded at 72.86 cents US, slightly higher than the previous day’s rate of 72.73 cents US.
Commodity Prices
Oil prices remained on an upward trajectory, with the January crude contract increasing by US$1.99, amounting to US$75.08 per barrel. Conversely, the December natural gas contract decreased by 13 cents, resting at US$2.94 per mmBTU. The December gold contract also declined by US$1.40, going down to US$1,985.90 per ounce, while the December copper contract saw a rise of two cents, reaching US$3.72 per pound.
Conclusion
The Canadian stock market’s impressive surge left the U.S. markets struggling to keep up. While Canada may be reaping the rewards of strong energy and base metal stocks, the fate of U.S. markets remains uncertain. This sharp contrast prompts us to reflect on the various factors at play and consider the implications of these market movements on a larger scale.”
© 2023 The Canadian Press
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