S&P/TSX composite jumps along with U.S. markets as U.S. Treasury yields retreat

Canadian Loonie and home ownership on decline as recession fears loom

The S&P/TSX composite index snapped a six-day losing streak as it made substantial gains along with U.S. markets after U.S. Treasury yields retreated on speculation central banks may ease up on restrictive, inflation-fighting policies.

The S&P/TSX composite index, led by gains in the energy sector, closed up 341.01 points, or 1.9 per cent, to 18,648.92 to rise from the low for the year reached a day earlier.

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S&P/TSX composite hits new low for year, U.S. markets mixed in volatile trading

In New York, the Dow Jones industrial average closed up 548.75 points, or 1.9 per cent, at 29,683.74. The S&P 500 index ended up 71.75 points, or almost two per cent, at 3,719.04, while the Nasdaq composite was up 222.13 points, or 2.1 per cent, at 11,051.64.

The Canadian dollar traded for 73.21 cents US compared with 72.85 cents US on Tuesday.

The November crude contract was up US$3.65 at US$82.15 per barrel and the November natural gas contract was up 20 cents cents at US$6.96 per mmBTU.

The December gold contract was up US$33.80 at US$1,670.00 an ounce and the December copper contract was up 7.5 cents at US$3.36 a pound.

© 2022 The Canadian Press

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