TSX rises to 4-month high…then drops sharply

TSX rises to 4-month high…then drops sharply

TSX rises to 4-month high…then drops sharply Higher oil prices and an optimistic tone from better-than-expected US jobs data lifted the Toronto Stock Exchange to its highest mark in four months this morning before things started to turn sour. Expectation that the better jobs data would mean an earlier interest rate rise from the Fed was followed by a sharp downturn in New York and Toronto as Standard & Poor’s announced that it was cutting Greece’s credit rating to B minus (from B) with a negative outlook. While there was some recovery during the afternoon the day ended lower than expected given the early surge.

The S&P/TSX Composite Index closed down 41.00 (0.27 per cent)

The NYSE closed lower

Oil is trending higher ($51.69 at 4.20pm)

Gold is trending higher

The loonie is worth 79.848 cents US (at 4.20pm)