Energy stocks rally but economy slows, banks downgraded

Energy stocks rally but economy slows, banks downgraded

Energy stocks rally but economy slows, banks downgraded The Toronto Stock Exchange benefitted from oil prices today as crude surged 8 per cent on news that US shale producers are cutting back production. Energy stocks rallied, for example Canadian Oil Sands got a 25 per cent boost, and any other day we might have been set for a three-figure gain at close but there was bad news to come with a downgrade for three major banks and weaker-than-expected GDP figures.

The S&P/TSX Composite Index closed up 36.20 (0.25 per cent)

The NYSE closed lower

Oil is trending lower (but was at $47.50 at close)

Gold is trending higher

The loonie is trending higher ($0.7869 at close)