Oil prices have been climbing again on Wednesday giving a boost to the energy sector and the Toronto Stock Exchange. The gains helped reverse losses in early trading as markets worldwide awaited the latest announcement from the Fed’s monetary committee and digested US GDP figures. The Fed’s tone was dovish with an acknowledgement of the slower pace of growth during the winter months with fixed business investment lower and exports lower. While analysts do not fear a downturn for the US economy it certainly dampened sentiment in Wednesday’s session. Asian markets had closed broadly lower ahead of the Fed and Europe saw a sell-off as the euro strengthened against the US dollar.
The S&P/TSX Composite Index closed up 1.27 (0.01 per cent)
The NYSE closed lower
Oil is trending higher (Brent $65.56, WTI $58.50 at 4.20pm)
Gold is trending lower
The loonie is valued at $0.8323 (at 4.20pm)