Base Metal Stocks Fuel a Broad Rally Lifting the S&P/TSX Composite Index

On a day highlighted by strength in base metal stocks, a broad rally took place, propelling Canada's main stock index to higher levels during late-morning trading. This bullish market behavior echoed across the border as U.S. stock markets experienced a rise as well.

The uptick in the S&P/TSX composite index was significant, registering an increase of 58.08 points to reach a sum of 20,233.85. In synergy, U.S. market indices witnessed gains, with the Dow Jones industrial average climbing 80.56 points to set at 35,027.84. The S&P 500 index grew by 19.07 points landing at 4,533.09, while the tech-heavy Nasdaq composite surged 107.08 points, closing at 14,232.56.

The Canadian dollar saw a minor fluctuation, exchanging hands at 72.84 cents US, a slight dip from its previous close at 72.88 cents US.

Commodities also saw varied movements with the January crude oil contract increasing by US$2.02, coming in at US$78.06 per barrel. Conversely, the December natural gas contract fell by four cents to US$2.92 per mmBTU. Precious metals had a mixed day too; the December gold contract shed US$9.50 ending at US$1,975.20 an ounce, while December's copper contract was bolstered by six cents, finishing the session at US$3.80 a pound.

markets, stocks, Canada