Canadian Energy Stocks Boost S&P/TSX Composite While U.S. Markets Show Varied Results

In the late morning hours of trading, the Canadian stock market inched upwards, a movement attributed primarily to the strong performance of energy stocks within the S&P/TSX composite index. At the same time, investors observed a mixed reception across U.S. stock markets.

Stock Market Updates

The S&P/TSX composite index saw a modest increase, climbing 5.28 points to settle at 21,842.46. Conversely, the U.S. stock markets did not follow a uniform direction. The Dow Jones Industrial Average experienced a rise of 165.78 points reaching 38,956.21, while the S&P 500 dipped slightly by 5.35 points to 5,144.07. The tech-heavy Nasdaq composite index observed a more noticeable decrease, dropping 76.33 points to close at 16,027.12.

Currency and Commodity Movements

The Canadian dollar was trading lower when compared to its U.S. counterpart, with a value of 73.57 cents US, a slight decrease from the 73.85 cents US it was trading at the previous day. In the commodities market, the May crude oil contract rose by 47 cents, culminating at US$82.63 per barrel. Natural gas for April also saw gains, increasing by six cents to US$1.76 per mmBTU.

Metal commodities, however, did not fare as well with the April gold contract shedding US$7.20 to finish at US$2,157.10 an ounce. Likewise, the May copper contract witnessed a downturn, falling five cents to US$4.08 a pound.

Energy, Stocks, Markets