Oil prices rebounded in early trading today and have been hovering around the $48 mark and a report by the International Energy Agency had a fairly optimistic tone. In addition data showing a large drop in US consumer prices was taken as a sign that the Fed will be more ‘patient’ than expected on interest rates and investment bank Morgan Stanley predicted that Canada’s interest rates would not rise this year.
The S&P/TSX Composite Index closed up 267.59 (1.91 per cent)
The NYSE closed higher
Oil is trending lower
Gold is trending lower
The loonie is down against the US dollar (0.8358 at close)