Canada Stocks Close Up 60 Pts and Hit All-Time Highs; But Late Sell Off Takes Some Gloss Off Day


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Canada's main stock market, the Toronto Stock Exchange, gained more than 60 points and hit a fresh all-time record high Friday of 15,291.15. But taking some gloss off the day, the resources heavy index did lose near 30 points in the closing minutes as the influential Metals & Mining sector appeared to cap gains. Late on, it was the only sector lower.

The TSX was boosted by a first weekly gain in crude oil prices on tensions between Russia and many parts of the world after a Malaysia Airlines plane was reportedly shot down over the Ukraine yesterday.

But gold futures were lower for the first time in three days after James Bullard, president of the St. Louis Fed, said yesterday that U.S. interest rates may rise sooner than expected. It is possible there also was some profit-taking after Thursday's strong gains on a flight to safe havens amid geopoliticial concerns in Russia/Ukraine and Israel/Gaza.

And Bloomberg reported that nickel prices fell to cap the longest slump in five months as inventories tracked by the London Metal Exchange rose to a record.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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