S&P/TSX Composite Rises in Late Morning Trading Driven by Telecom and Utility Stocks

On a positive note for investors, Canada’s main stock index saw an increase during late-morning trading. The rise was primarily supported by a solid performance from telecommunication and utility stocks. In contrast, U.S. stock markets experienced a downward trend at the same time.

The S&P/TSX composite index recorded a gain of 81.50 points, bringing it to a total of 25,486.64 points.

U.S. Market Performance

Meanwhile, in New York, the Dow Jones industrial average registered a slight decline, falling by 15.90 points to reach 44,844.41. Additionally, the S&P 500 index dropped 24.72 points, settling at 5,996.91, while the Nasdaq composite experienced a more significant decrease, down by 197.46 points to 18,976.84.

Currency and Commodities Update

The Canadian dollar was trading at 71.28 cents in U.S. currency, which is an improvement compared to 71.01 cents on Tuesday. In the commodities market, the January crude oil contract saw a rise of 25 cents, fetching US$69.02 per barrel. Conversely, the January natural gas contract fell by 21 cents, leading to a price of US$3.26 per mmBTU.

Turning to precious metals, the February gold contract increased by US$20.00, bringing it to US$2,666.30 an ounce. The March copper contract also experienced a small rise, gaining three cents to reach US$4.15 per pound.

This market activity reflects the ongoing dynamics within the financial landscape, where certain sectors remain strong while others may fluctuate.

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