TSX rallies to seven-week high despite drop in crude oil prices [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
TSX rallies to seven-week high despite drop in crude oil prices TORONTO -- Canada's main stock index rallied to its highest level in seven weeks Wednesday despite crude oil prices getting hammered. Investors are slowly "nibbling" back into the market on hopes of progress in trade issues, says Colin Cieszynski, chief market strategist at SIA Wealth Management. "I think they're getting a feeling that some of the worst risks related to trade wars are dissipating," he said in an interview. The U.S. and China are preparing to resume negotiations next month and the British parliament has passed a law to thwart a hard Brexit the end of October. The Chinese contributed to the improved sentiment by backing off on imposing some tariffs. "On some selected goods they had backed off on implementing new tariffs and so that has helped," Cieszynski said. The S&P/TSX composite index closed up 73.80 points at 16,611.14, the highest level since July 24 and less than 62 points off April's record high. Se
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