Daily Wrap-Up: TSX gains following Fed speech, commodities rise

Daily Wrap-Up: TSX gains following Fed speech, commodities rise

Daily Wrap-Up: TSX gains following Fed speech, commodities rise

TSX gains following Fed speech, commodities rise
The main TSX index closed higher Tuesday as oil and gold prices gained despite a stronger greenback following Fed chair Janet Yellen’s testimony to the Senate. It’s looking more certain that US interest rates could rise again next month.

Meanwhile, Valeant shares jumped 6 per cent as analysts speculated on its earnings report in two weeks’ time. Its rise helped the healthcare group of the TSX lead the gains which also included energy, industrials and materials.

Wall Street also closed higher while European and Asian markets were mixed.

The S&P/TSX Composite Index closed up 29.45 (0.19 per cent)
The Dow Jones closed up 92.25 (0.45 per cent)
Oil is trending higher (Brent $55.76, WTI $53.02 at 4.40pm)
Gold is trending higher (1229.90 at 4.40pm)
The loonie is valued at U$0.7648

Warning over trade costs
If trade between Canada and the US becomes costlier it would be bad news for jobs and the economy in both countries according to a new report from Western University's Ivey School of Business and the Lawrence National Centre for Policy and Management.

The report considered the impact on Canada and the Great Lakes region and warns that if efficiency is damaged the winners will be Asian and European manufacturers.

Another study by the CD Howe Institute warned Tuesday of how a US border tax could wipe 1 per cent of Canadian GDP.

 

RBC, Tangerine build strongest relationships with customers
RBC and Tangerine have been named as the two strongest relationship builders in the banking and financial sector.

Toronto-based PR firm Argyle says that 82 per cent of customers are more likely to do business with a brand that builds a relationship with them or to recommend them to a friend.

The study looked at five sectors for their relationship-building skills with banking and credit card firms beating airlines, insurance companies, telecoms and pro sports teams.