Markets charged in an upward direction today, on the back of potential headway in U.S./China trade talks.
Investor sentiment was lifted by a report from CNBC that China offered a six-year boost in imports during ongoing negotiations in Beijing, as the economic heavyweights look to resolve their ongoing tariff dispute.
On Bay Street, the TSX chugged to an 11th straight winning day, bolstered by another jump in the price of oil and a rise in bank stocks.
The index climbed 92 points higher with healthy gains in the key financials and energy sectors.
Canada’s stock exchange has moved up roughly seven percent since Dec. 31, marking its strongest start to a new year since way back in 1980.
Shares in Canada’s major banks were firmly in the green, led by a 1.4 percent increase by Toronto Dominion.
Meanwhile, StatsCan reported today that Canada’s Consumer Price Index (CPI) rose two percent on a year-over-year basis in December, following a 1.7 percent increase in November.
Lower energy prices were offset by higher prices for various services, including air transportation, telephone services and travel tours.
In New York, U.S./China trade progress put investors in a buying mood, helping the Dow rise 336 points.
The exchange’s industrial sector was among the biggest drivers, with Caterpillar up by 2.1 percent and Boeing jumping 1.5 percent.
The Nasdaq also rode the winning wave by gaining 72 points, even with Tesla’s stock losing its charge.
Tesla fell 12.9 percent after the electric car maker sliced seven percent of its workforce.
Oil continues were up another $1.75 to $53.82 US a barrel, with continued OPEC supply cuts fueling demand.
The loonie edged up 10/100ths of a cent to $0.7541 US while gold wobbled, losing $11.70 in value, to $1,280 an ounce.
