05:30:37 EDT Tue 22 Oct 2024
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Globe/wire say higher oil prices give TSX a boost

2024-10-11 09:01 ET - In the News

The Globe and Mail reports in its Friday edition that Wall Street's main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. A Reuters dispatch to The Globe says that Bay Street had a better session, with the Canadian benchmark edging up to another record-high close thanks to stronger commodity prices and a weaker Canadian dollar that lifted the energy and materials sectors. The closely watched U.S. Consumer Price Index rose 0.2 per cent on a monthly basis in September and 2.4 per cent on an annual basis, with both figures being slightly higher than estimated by economists. The core figure, which excludes volatile food and energy prices, rose 3.3 per cent year-over-year, versus an estimate of 3.2 per cent. In a separate report released Thursday, jobless claims also rose to 258,000 for the week ending Oct. 5, versus an estimate of 230,000. The S&P/TSX Composite Index ended up 77.36 points to 24,302.26. The price of oil settled 3.6 per cent higher at $75.85 (U.S.) a barrel due in part to Middle East supply risks after the recent sharp escalation of Israel's conflict with Iran.

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