News

TSX up modestly, loonie and gold down sharply as U.S. dollar strengthens

TORONTO _ North American stock indexes are up this morning but Canada’s dollar and the price of gold have lost ground against a strengthening greenback.

The U.S. dollar rose sharply following the Federal Reserve’s interest rate hike on Wednesday.

The Toronto Stock Exchange’s S&P/TSX composite index was up 48.94 points at 15,246.12 after two hours of trading. A major drag on the index were gold stocks, as the price of gold fell on commodity markets.

In New York, the Dow Jones industrial average gained 141.55 points to 19,934.08 and the S&P 500 rose 15.97 points to 2,269.25. The Nasdaq composite advanced 43.93 points to 5,480.60.

The Canadian dollar was at 74.65 cents US, down 0.69 of a U.S. cent from Wednesday’s close.

The February gold contract fell $34.80 to US$1,128.90 an ounce, while March copper contracts were little-changed at US$2.61 a pound.

The January crude contract slipped 49 cents to US$50.55 per barrel and January natural gas was flat at US$3.54 per mmBTU.