By MarketsFarm
WINNIPEG, June 4 (MarketsFarm) – The Canadian dollar was up at Tuesday’s close.
The Canadian dollar closed at US$.7455 or US$1=C$1.3414, up from Monday’s close of US$.7424 or US$1=C$1.3470.
The TSX gained 150.35 points to close at 16,166.24.
United States stock indexes leapt following rumours of Federal Reserve Chair Jerome Powell indicating interest rates may be cut soon. Wells Fargo analyst Mike Mayo said the industry would be set to “party like it’s 1995” if rates are cut, according to Bloomberg.
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However, the World Bank changed its forecast for the global economy, decreasing its outlook from 2.9 per cent growth to 2.6 per cent.
The Dow Jones Industrial gained 523.81 points to close at 25,337.02. The NASDAQ gained 194.10 points to close at 7,527.12. The S&P 500 Index was up 58.82 points, closing at 2,803.27 points.
Oil prices rallied along with markets, as tightening stocks quelled concerns of global demand shrinking. West Texas Intermediate gained 31 cents to end the day at US$53.56 per barrel, and Brent Crude oil gained 73 cents to hit US$62.01 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.62
Linamar Corp. up $ 1.15 at $ 44.09
Maple Leaf Foods dn $ 0.11 at $ 30.39
Nutrien Ltd. up $ 1.59 at $ 68.81
Ritchie Bros Auctioneers Inc. dn $ 0.29 at $ 44.52
(All figures are in Canadian dollars.)
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