![]() ![]() ![]() ![]() This energy rally has also nudged the Canadian dollar back up above 73 cents US, said Kourfakas. Strategic Petroleum Reserve is expected to stop releasing extra supply into the market soon, he said. Also driving oil prices up is the fact that the U.S. Oil was back in the news as prices rose Monday, likely in reaction to news that the OPEC-plus alliance is considering production cuts this week, said Kourfakas. The November crude contract was up US$4.14 at US$83.63 per barrel and the November natural gas contract was down 30 cents at US$6.47 per mmBTU. The Canadian dollar traded for 73.20 cents US compared with 72.96 cents US on Thursday. But that's really the premise behind the rally today.” “Of course, this will have to be confirmed by lower inflation readings to come. “The market thinks that the Fed won't be able to hike as much as they are now communicating because the economy is weakening at a fast pace, or is about to weaken.”Īny sign that inflation is behind us is cause for optimism among investors that the Bank of Canada and Federal Reserve might ease off, he said. In the current volatile market, investors are interpreting every economic release through the lens of what it might mean for the central banks' tightening campaign, said Kourfakas. The S&P 500 index was up 92.81 points at 3,678.43, while the Nasdaq composite was up 239.82 points at 10,815.44. The Dow Jones industrial average was up 765.38 points at 29,490.89. In New York, the major indexes all gained more than two per cent. “That is with the help of lower bond yields, which are helping fuel the rally,” he said. Markets started to rebound Monday after a tough third quarter, said Angelo Kourfakas, an investment strategist at Edward Jones. The S&P/TSX composite index was up 436.97 points or 2.4 per cent at 18,881.19. TORONTO - Gains in the energy sector as the price of oil rose above US$80 a barrel helped Canada's main stock index surge more than 400 points higher on the first day of the fourth quarter, while U.S. ![]()
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