TSX, loonie close higher as oil prices climb

TORONTO -- Strengthening oil prices propelled North American markets to a second big rally in as many days, allowing them to post their first weekly gains of the new year.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index soared 353.72 points to 12,389.58, adding to a big 192-point gain on Thursday.

The commodity-sensitive loonie also benefited from the bounce in oil prices, rising 0.64 of a U.S. cent to 70.67 cents US.

In New York, the Dow Jones industrial average was up 210.83 points at 16,093.51, while the S&P 500 advanced 37.91 points to 1,906.90 and the Nasdaq rose 119.12 points to 4,591.18.

Rising oil prices were a major factor in the rallies on both sides of the border as the March contract for benchmark crude rose $2.66 or nine per cent to US$32.19 a barrel.

Elsewhere in commodities, February natural gas was unchanged at US$2.14 per mmBtu and March copper advanced a penny to US$2.00 a pound, while February gold slumped $1.90 to US$1,096.30 an ounce.



Advertisements

Latest Economic News

  • Asian stocks drop after Wall Street weakness

    Economic CTV News
    TOKYO - Shares were lower in early Asian trading Wednesday after a lacklustre session on Wall Street, where the Dow industrial average ended almost flat after backtracking from a broad rally earlier in the day. Source
  • Ford expects its profits will fall in 2018

    Economic CTV News
    DETROIT -- Ford Motor Co. says its pretax earnings will likely fall in 2018 as U.S. sales soften, commodity costs increase and it invests heavily in new electric and hybrid vehicles. Ford expects to earn between $1.45 and $1.70 per share this year. Source
  • Valeant says California judge gives preliminary approval to Allergan settlement

    Economic CTV News
    LAVAL, Que. - Valeant Pharmaceuticals International Inc. says a U.S. District Court judge gave his preliminary approval Tuesday to a US$290-million settlement of lawsuits stemming from the unsuccessful attempted hostile takeover in 2014 of Botox maker Allergan Inc. Source
  • With a US$6B charge comes new thoughts about GE's future

    Economic CTV News
    BOSTON -- General Electric Co. is signalling it may undergo a more comprehensive transformation, a decade after breaking off substantial pieces of the multinational conglomerate in bid to a return it to its industrial roots. Source
  • GE to pay US$15B for past mistakes amid breakup speculation

    Economic CTV News
    SAN FRANCISCO -- General Electric Co. will pay US$15 billion to make up for the miscalculations of an insurance subsidiary as a new regime weighs future changes that could culminate in a breakup of a company conceived in the industrial age. Source
  • Carillion Canada says it's soldiering on despite U.K. parent's financial woes

    Economic CBC News
    A spokesman for the Canadian subsidiary of insolvent British construction giant and state contractor Carillion says it's business as usual in Canada despite the parent company's collapse on Monday. Cody Johnstone says that Carillion Canada is not in liquidation and its 6,000 employees in Canada continue to be paid, along with its subcontractors and suppliers. Source
  • McDonald's sets worldwide recycling goals

    Economic CTV News
    NEW YORK -- McDonald's says it aims to use all recycled or other environmentally friendly materials for its soda cups, Happy Meal boxes and other packaging by 2025. The world's biggest burger chain also wants all of its 37,000 restaurants worldwide to recycle customer waste by that year. Source
  • Canadian natural gas industry a 'sad story': analyst

    Economic CBC News
    A prominent commodities analyst struck a gloomy tone as he delivered a blunt assessment of the Canadian natural gas industry's fortunes this year, describing it as a "sad story." In front of a few hundred oilpatch members at the Calgary Petroleum Club in the city's downtown, commodities analyst Martin King admitted his Tuesday morning presentation for gas was one of his most negative. Source
  • Nutrien to sell Israel Chemical stake for expected US$700 million

    Economic CTV News
    SASKATOON -- Fertilizer giant Nutrien Ltd. says it plans to sell all of its holdings in Israel Chemicals Ltd. in a secondary share offering for an expected US$700 million. The sale comes as one of the requirements set out by global regulators for Potash Corp. Source
  • Australia files WTO complaint against Canadian wine sales measures

    Economic CTV News
    TORONTO - Australia has filed a complaint about Canada's rules around wine sales with the World Trade Organization. The complaint filed Friday argues that Canada's distribution, licensing and sales measures discriminate against imported wine. Source