Dec 18, 2014
By Michael Kramer
Another day of triple digit advances for the Toronto market – as buyers picked over stocks flattened during the recent sell-off sparked by falling oil prices.
The S&P/TSX closed the day up 133 points to 14,347.
And the loonie saw an increase too – rising 31-100ths to 86.23 cents U-S.
But it was New York that was the star, as markets roared forward – with traders feeling confidence in the pace of future interest rate hikes by the U-S Federal Reserve – which said yesterday that it will be “patient” in deciding when to hike rates.
The Dow Jones industrials jumped 421 points – settling at 17,778.
The Nasdaq picked up 104 points to 4,748.
Some experts have suggested the more upbeat tone on markets this week is partly due to investors realizing that lower oil prices could be positive – for the largely depressed global economy.
Most T-S-X sectors were higher – and the energy group rose another one per cent on top of a rise of about 15 per cent over the last two days – even as oil closed down $2.36 to US$54.11 a barrel.