TORONTO _ Wall Street set another record high Tuesday on relatively minor movements as Canada’s largest stock index inched forward and the loonie cleared 80 cents US.
In New York, the Dow Jones industrial average gained 84.07 points to 22,641.67. The S&P 500 index edged up 5.46 points to 2,534.58 and the Nasdaq composite index added 14.99 points to 6,531.71.
North of the border, the Toronto Stock Exchange’s S&P/TSX composite index advanced 23.51 points to 15,728.51.
“It’s a little sleepy today, pretty slow,” said Cavan Yie, a portfolio manager at Manulife Asset Management. “All you’re seeing is optimism in the markets being sustained.”
“If you look at Canada,” Yie added, “the banks keep chugging along with share prices near all-time highs, with solid fundamentals to support them.”
The TSX’s financials subsector was up nearly half a percentage point on Tuesday.
Looking ahead to Friday, investors will be eyeing Statistics Canada’s labour force survey for September.
RBC Economics Research has said Canadian employment is expected to continue to increase that month, rising 10,000 though this would be down from the 22,000 increase in August.
“The slowing largely reflects the expectation that the gain in service-producing jobs drops to just 5,000 after the 35,900 surge in August,” it said in an investor’s note.
Meanwhile, some U.S. economic reports may look abnormally weak because of the hurricanes that have recently struck the United States, such as this week’s upcoming report on hiring. But investors are expecting to see temporarily weaker numbers, which would limit the impact.
In currency markets, the Canadian dollar was trading at an average price of 80 cents US, up 0.03 of a cent.
The November crude contract fell 16 cents to US$50.42 per barrel and the November natural gas contract was down two cents at US$2.90 per mmBTU.
The December gold contract gave back $1.20 cents to US$1,274.60 an ounce and the December copper contract was unchanged at US$2.96 a pound.