A rally among Canadian energy stocks helped lift the TSX above the flat line today.
Canada’s stock exchange climbed 72 points, even with cynicism growing over U.S./China trade negotiations.
Comments from US Secretary of Commerce Wilbur Ross cast a shadow over North American markets.
Ross told CNBC that the U.S. and China are “miles and miles away” from a trade deal, adding that there are “lots and lots of issues.”
And while a potential impasse between the global economic powerhouses dampened sentiment somewhat on Bay Street, the index rose into the green, bolstered by gains in 10 of 11 sectors.
It was a good day for the nation’s railways.
Canadian Pacific Railway led the exchange in terms of net gains, jumping 2.9 percent while Canadian National Railway moved up one percent.
A bump in the price of oil helped push the TSX’s energy sector higher.
Oil moved up 59 cents to $53.21 US a barrel, after the U.S. government announced that it will impose sanctions on Venezuela’s crude exports.
In New York, Ross’s comments factored into a down day on Wall Street, with the Dow off by 22 points, however, the index did rally from triple digit losses.
It was a different story for the Nasdaq, which jumped 47 points, led by gains in chipmakers and airlines.
Shares in both American Airlines and Southwest Airlines rose over six percent, after their quarterly earnings topped expectations.
Meanwhile, chip maker Xilinx’s record third-quarter revenue report resulted in its stock soaring 18.4 percent.
The Canadian dollar was off by 9/100ths of a cent to $0.7486 US while the price of gold also fell, losing $4.10 to $1,279 an ounce.
