07:32:56 EDT Tue 22 Oct 2024
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Globe/wire say TSX continues modest pullback

2024-10-04 08:36 ET - In the News

The Globe and Mail reports in its Friday edition that Canada's main stock index ended lower for a second straight day on Thursday as investors grew cautious ahead of a key U.S. employment report, but gains for energy shares on soaring oil prices helped contain the market's decline. A Reuters dispatch to The Globe says that U.S. indexes were also modestly lower. U.S. non-farm payrolls data, due on Friday, is expected to show the American economy added 140,000 jobs in September. Investors are anxious for more data on the labour market after the Federal Reserve last month cut its benchmark interest rate by an unusually large 50 basis points. Data on Thursday showed that the number of Americans filing new applications for unemployment benefits rose marginally last week. Still, Hurricane Helene and strikes at ports could distort the labour market picture in the near term. The S&P/TSX composite ended down 33.05 points at 23,968.50, adding to a modest pullback since notching a record closing high Tuesday. The materials sector, which includes mining companies, ended 1.2 per cent lower as copper prices declined. Oil settled 5.2 per cent higher at $73.71 (U.S.) a barrel over concerns over the escalating Middle East conflict.

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