Commodity prices help lift S&P/TSX composite. loonie despite surging U.S. inflation

TORONTO –

Commodity price gains helped lift Canada’s main stock index and the loonie even as U.S. inflation was at its hottest in nearly four decades last month.

The S&P/TSX composite index closed up 120.19 points to 21,395.00.

In New York, the Dow Jones industrial average was up 38.30 points at 36,290.32. The S&P 500 index was up 13.28 points at 4,726.35, while the Nasdaq composite was up 34.94 points at 15,188.39.

The Canadian dollar traded for 79.94 cents U.S. compared with 79.33 cents on Tuesday.

The February crude contract was up US$1.42 at US$82.64 per barrel and the February natural gas contract was up 60.8 cents at US$4.86 per mmBTU.

The February gold contract was up US$8.80 at US$1,827.30 an ounce and the March copper contract was up 14.75 cents at nearly US$4.58 a pound.

This report by The Canadian Press was first published Jan. 12, 2022.