{"id":95739,"date":"2017-03-27T23:30:53","date_gmt":"2017-03-28T03:30:53","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=95739"},"modified":"2017-03-27T23:30:53","modified_gmt":"2017-03-28T03:30:53","slug":"tsx-climbs-on-gold-and-resources-wall-street-finishes-with-mixed-results","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/03\/27\/tsx-climbs-on-gold-and-resources-wall-street-finishes-with-mixed-results\/","title":{"rendered":"TSX climbs on gold and resources, Wall Street finishes with mixed results"},"content":{"rendered":"
\"Climbing<\/a>
Climbing gold and resource stocks helped push Canada’s largest stock index higher Monday as it finished ahead of its U.S. counterparts. (Photo by nodomain.cc – Flickr, CC BY 2.0.<\/a>)<\/figcaption><\/figure>\n

TORONTO \u2014 Climbing gold and resource stocks helped push Canada’s largest stock index higher Monday as it finished ahead of its U.S. counterparts.<\/p>\n

The Toronto Stock Exchange’s S&P\/TSX composite index climbed 63.55 points to 15,506.22.<\/p>\n

One of the stocks with the biggest movements of the session was Quebec-based aerospace company Heroux-Devtek after it reported its bid for a new contract with the U.S. military was rejected. Shares in Heroux-Devtek (TSX:HRX) closed down 9.3 per cent to $11.52 on the TSX after reaching a 52-week low of $11.06.<\/p>\n

Meanwhile, indexes were mixed in New York as investors questioned whether U.S. President Donald Trump will be able to execute on his pro-growth plans after last week’s failure to repeal the Affordable Care Act, also known as Obamacare.<\/p>\n

The Dow Jones industrial average fell 45.74 points to 20,550.98, the S&P 500 index lost 2.39 points to 2,341.59 and the Nasdaq composite index was ahead 11.63 points to 5,840.37.<\/p>\n

Wall Street had been down sharply at the open, but pared its losses by mid-day.<\/p>\n

Canadian markets strategist Craig Fehr said the Trump rally that was kicked off with the Republican candidate’s win in mid-November has been built on expectations that his agenda of tax cuts and massive infrastructure spending will get passed.<\/p>\n

Last Friday was an indicator that this may not be as easy as first thought.<\/p>\n

Even so, Fehr, who works at Edward Jones in St. Louis, doesn’t think investors should panic yet that the current bull market is nearing the finish line.<\/p>\n

\u201cIt’s really a reflection in my opinion of just how strong and steady the markets have been when a one or two per cent pullback now is being perceived as harbinger of what’s to come,\u201d he said.<\/p>\n

\u201cEconomic growth combined with a rebound of corporate earnings combined with still low levels of interest rates is a pretty strong recipe for a continuation for this bull market. It just wont be as smooth as we have come to enjoy recently.\u201d<\/p>\n

In currencies, the Canadian dollar was trading at 74.76 cents US, up 0.02 of a U.S. cent.<\/p>\n

Oil prices, which usually trades in tandem with the loonie, were lower. The May crude contract was down two cents at US$47.73 per barrel after OPEC said over the weekend it was open to extending its current production cuts by another six months.<\/p>\n

The Organization of the Petroleum Exporting Countries agreed in late November to cut its production by 1.2 million barrels a day, the first reduction agreed to by the 14-member cartel since 2008. Eleven other non-OPEC oil-producing countries pledged in December to cut an additional 558,000 barrels a day, reaching an overall reduction of 1.8 million barrels per day.<\/p>\n

In other commodities, May natural gas contracts lost two cents at US$3.13 per mmBTU, the April gold contract was up $7.20 at US$1,255.70 an ounce and May copper contracts were unchanged at US$2.63 a pound.<\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO \u2014 Climbing gold and resource stocks helped push Canada’s largest stock index higher Monday as it finished ahead of …<\/p>\n","protected":false},"author":33,"featured_media":79322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[10891],"class_list":["post-95739","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-toronto-stock-exchange","mauthors-linda-nguyen","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/95739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=95739"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/95739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/79322"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=95739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=95739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=95739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}