Higher oil price boosts North American markets; 3 USA indexes hit records

Canada’s main stock index ended barely lower on Wednesday, dragged down by resource stocks but paring sharper losses after minutes from the last Federal Reserve meeting showed mixed opinions on when conditions may allow for higher USA interest rates. It hit a 13-month high last week.

North American stock markets are moderately higher this morning as oil and other commodities move upward.

“The stocks pulling back would tell me that people aren’t convinced that this rally is going to keep going”, said Colin Cieszynski, senior market analyst at CMC Markets Canada.

But TSX energy sector edged down 0.17 percent as pipeline operator TransCanada Corporation slipped 1.51 percent to 61.37 Canadian dollars (47.75 USA dollars) while Suncor Energy Inc. shed 0.25 percent to 36.59 Canadian dollars.

Canada’s benchmark index looks set to open lower on Thursday, weighed down by the minutes of the U.S. Federal Reserve’s July monetary policy meeting.

“Both the bulls and the bears were able to take away things from it”, CMC’s Cieszynski said.

In New York, the Dow Jones industrial average added 59.58 points to close at 18,636.05, the broader S&P 500 composite index advanced 6.10 points to 2,190.15 and the Nasdaq composite was up 29.13 points to 5,262.02.

Gold and copper prices were little changed.

Gold slipped to US$1,351.40 per ounce and crude oil rose to US$48.29 per barrel while the Loonie came to rest at US$0.78.

Seven of the index’s 10 main groups were in positive territory, with two advancers for every decliner.

Valeant Pharmaceuticals International Inc ended down 3.4 percent at C$37.19, after T. Rowe Price sued the drugmaker over what it called a “fraudulent scheme”.

The Canadian dollar climbed 0.38 of a cent to 77.80 cents US, closing at its highest level in more than a month.