Canada Stocks End Topsy Turvy Session Up A Modest 25 Points, But Further In Record Territory

Wednesday, April 7, 2021 4:11 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, overcame two bouts of strong selling -- early morning and again early afternoon Wednesday -- that twice took it down to near the 19,100 mark. Both times it recovered, back to near 19,180 the first time and to near 19,160 the second time. There was a third smaller bout of selling inside the last hour, but the Index finally seemed to settle late on and eventually closed up about 25 points at 19,130 for a third record closing high in a row

The moves today seemed to reflect some nervousness ahead of the US FOMC Minutes release. Action Economics noted the market was worried that the Fed would debut a shift in thinking given stronger than expected economic growth. But it said that was not the case, with the FOMC repeating its "some time" message on meeting the dual goals of employment and inflation. That the market finished more settled seemed to reflect the fact that the Fed minutes revealed no surprises,

Of commodities, Gold edged down as the U.S. dollar and bond yields were steady ahead of the release of minutes from the last Federal Reserve meeting. Gold for June delivery settled down $1.40 to US$1,741.60 per ounce in Comex trade.

But West Texas Intermediate crude oil settled higher on a bigger than expected drop in U.S. oil inventories and hope that an economic recovery will take hold as vaccination programs continue. WTI crude for May delivery closed up $0.44 to US$59.77 per barrel, Marketwatch reported. June Brent crude, the global benchmark, was last seen up $0.43 to US$63.17 while Western Canada Select was up $0.25 to US$49.55 per barrel.

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