Markets updates: S&P/TSX composite gains posts winning week
TORONTO –
Canada’s main stock index staged a late rally to post its first winning week in two months despite enduring volatility over concerns about central bank interest rate hikes and warnings that inflation is hammering retailer profits.
The S&P/TSX composite index closed up 15.69 points to 20,197.61 after losing as much as almost 245 points in earlier trading. It was up less than 100 points for the week but off 9.1 per cent from its recent high.
Strong prices for commodities, including oil, has allowed the Toronto market – which is closed Monday for the Victoria Day holiday – to outperform its U.S. counterparts.
In New York, U.S. stock markets also climbed ahead of the afternoon close with the Dow Jones industrial average up 8.77 points at 31,261.90. The S&P 500 index was up 0.57 of a point at 3,901.36, while the Nasdaq composite was down 33.88 points at 11,354.62.
The three markets were…
