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Canadian And U.S. Markets Rise Despite Weak Metals And Utilities Stocks

Published 01/11/2023, 15:44
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Today, the S&P/TSX Composite Index in Canada closed up by 16.71 points or 0.09% at 18,873.47, despite a decline in metals and utilities stocks, according to Greg Taylor from Purpose Investments. Meanwhile, U.S. markets also experienced growth with the Dow Jones Industrial Average rising by 123.91 points, the S&P 500 Index increasing by 26.98 points, and the Nasdaq Composite gaining 61.76 points. This surge in U.S. markets comes ahead of Apple (NASDAQ:AAPL)'s Q3 earnings release and crucial upcoming payroll data that may influence central bank decisions.

Statistics Canada reported a flat economy with a slight contraction in Q3, while the Bank of Canada maintained its key rate amidst its aggressive hiking cycle. The Canadian dollar traded for 72.09 cents U.S.

On the commodities front, mixed movements were observed. The December crude contract was down by US$1.29 at US$81.02 per barrel, while the December natural gas contract rose by 22 cents. The December gold contract saw a decrease of US$11.30, and the December copper contract dipped by one cent.

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