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
Loonie could slip back to 73 cents says CIBC
The Canadian dollar could be heading for a new run of decline. CIBC warned Friday that in the wake of the Alberta wildfires there could be a “rough patch” ahead for the loonie which could take it down to 73 cents. However, the bank’s analysts don’t believe that the lower valued dollar will prompt an interest rate cut by the BoC.
Bell told to repay $11,82 million to customers
Bell Canada will repay $11.82 million to consumers who were charged for premium rate text messages. It follows a Competition Bureau probe which began in 2012 and represents the largest rebate ever awarded by the bureau.
More market talk: