S&P/TSX composite edges higher as crude oil prices rise, U.S. stock markets mixed

TORONTO –

Canada’s main stock index gave up early gains but still posted a small increase as crude oil prices hit a more than seven-year high and the central bank kept its key interest rate in check.

The S&P/TSX composite index closed up 4.91 points at 20,595.89 after being up more than 300 points earlier in the trading day.

In New York, the Dow Jones industrial average was down 129.64 points at 34,168.09. The S&P 500 index was down 6.52 points at 4,349.93, while the Nasdaq composite was up 2.82 points at 13,542.12.

The Canadian dollar traded for 79.33 cents US compared with 79.18 cents US on Tuesday as the Bank of Canada kept its key interest rate on hold, but warned higher rates are coming.

The March crude oil contract was up US$1.75 at US$87.35 per barrel and the March natural gas contract was up 14.2 cents at US$4.04 per mmBTU.

The February gold contract was down US$22.80 at US$1,829.70 an ounce and the March copper contract was up 6.5 cents at US$4.52 a pound.

This report by The Canadian Press was first published Jan. 26, 2022.