TSX gains following Fed, US oil rises
Janet Yellen spoke at Harvard Friday and gave an optimistic account of the US economy and a further indication that the Fed will gradually increase interest rates this year. The markets are now mostly expecting that July will be the first rise of the year although June is still a possibility.
Stock markets gained and the main index of the Toronto Stock Exchange ended the week higher for the third consecutive week. Financials were a heavy influence on the index.
Wall Street also finished the session higher and US crude prices, moved higher later in the day to surpass the international benchmark Brent.
Elsewhere, Asian markets closed mostly higher, except Shanghai; Europe closed with slim gains following the Yellen speech.
The S&/TSX Composite Index closed up 56.03 (0.40 per cent)
The Dow Jones closed up 44.93 (0.25 per cent)
Oil is trending mixed (Brent $49.45, WTI $49.57 at 5.00pm)
Gold is trending lower (1214.60 at 5.00pm)
The loonie is valued at U$0.7673
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