TSX Up 69 Points at Midday After Putin Comments; Industrials, Healthcare Biggest Gainer
The Canadian main stock index was up nearly 69 points at midday to reach 14300.48, as Russian President Putin's comments calmed worries over the geopolitical tensions between his country and Ukraine.
President Putin reportedly said that while he has signed a treaty to officially make Crimea a part of Russia, he has no plans of seizing other parts of Ukraine. HollisWealth Senior Investment Advisor Allan Small, however, told Reuters: "Whether or not Crimea was just the first step in Russia moving further into Ukraine was the (market's) biggest worry. In a strange way, the markets have rallied even though sanctions are coming."
With worries over the Ukraine situation easing, gold prices fell 1.16%. But that didn't hurt mining stocks, which were up 0.52% at midday. Healthcare and industrials led the widespread rally, both gaining 0.94%.
Energy was up 0.77%, as crude oil prices rise 1.14% to $99.20 a barrel. Financials popped 0.35%.
Investors are on the lookout for the U.S. Fed's 2-day policy meeting, which could give clues on the status of the stimulus program.
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