August 21st, 2017

Stock market fears subside as loonie strengthens against the U.S. dollar

By The Canadian Press on August 11, 2017.

TORONTO – There were fewer signs of investor angst in the markets today despite the intensifying standoff between the U.S. and North Korea while the loonie rebounded after more than a week of losses.

On Bay Street, the Toronto Stock Exchange’s S&P/TSX composite index shed a moderate 40.87 points to 15,033.38.

Trader sentiment was better in New York, where investors welcomed data showing consumer prices edged up 0.1 per cent last month after no gain in June, suggesting the Federal Reserve may be less likely to raise interest rates.

The Dow Jones industrial average added 14.31 points to 21,858.32, the S&P 500 index rose 3.11 points to 2,441.32 and the Nasdaq composite index advanced 39.69 points to 6,256.56.

In currency markets, the Canadian dollar was trading at an average price of 78.83 cents US, up 0.16 of a cent.

The price of gold slowed its pace of considerable gains over the last two trading days.

December gold tacked on $3.90 to $1,294.00, after surging $27.50 the previous two days.

The precious metal is considered a safe haven for nervous investors.

Elsewhere in commodities, the September crude contract was up 23 cents at US$48.82 per barrel, September copper gained a penny at US$2.91 a pound and September natural gas was unchanged at US$2.98 per mmBTU.

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