S&P/TSX Jumps While U.S. Markets Show Uncertainty

2 min read | September 20, 2024 08:28 AM EDT | By Team Kalkine Media

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S&P/TSX Jumps While U.S. Markets Show Uncertainty — Image source: Shutterstock

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Canada's primary stock index, the S&P/TSX composite, saw a notable rise during late-morning trading, driven by a positive performance in base metal stocks. This sectoral uplift contributed to an overall increase of more than 100 points. In contrast, U.S. stock markets displayed mixed results, with some indices posting gains while others showed declines.

Canadian Stock Market Performance

The S&P/TSX composite index gained 106.71 points, bringing it to 20,325.60 by late morning. Base metals played a significant role in the upward movement, reflecting stronger demand and price appreciation in this key sector.

U.S. Markets Show Mixed Results

In the U.S., stock market movements were varied. The Dow Jones industrial average rose by 186.25 points, reaching 34,703.98, while the broader S&P 500 index also edged higher by 7.35 points to 4,451.30. However, the tech-heavy Nasdaq composite declined by 35.13 points, bringing it to 13,643.06.

Currency and Commodity Updates

In currency markets, the Canadian dollar strengthened slightly, trading at 74.64 cents US compared to 74.48 cents US the previous day.

Commodities saw mixed performances. Crude oil prices increased marginally, with the November crude contract rising by 18 cents to US$90.66 per barrel. On the other hand, natural gas prices saw a slight decline, with the October contract down 10 cents, settling at US$2.75 per mmBTU.

Precious metals also experienced positive movement. Gold futures for December delivery increased by US$11.90, reaching US$1,965.60 an ounce. Copper prices followed suit, with the December contract rising four cents to US$3.79 a pound.

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