By Ketki Saxena
Investing.com -- At the close in Toronto, the S&P/TSX Composite index was at 18,595.62 points, up 1.09% in the day’s trading.
The commodity heavy Canadian index remained supported by strength in crude and broad-based gains in metals, even as Wall Street retraced the morning’s gains as recession worries were further fanned following news that Apple (NASDAQ:AAPL) plans to slow hiring and spending growth next year.
Commodities including base metals and crude meanwhile continue to be supported by a retreating dollar as rate-hike bets for a 100 bps hike from the Fed pare back following last week’s comments from typically hawkish Fed policymakers that such a move would not be advisable.
Crude prices received a further boost as an OPEC+ output increase remains unlikely, despite U.S. President Joe Biden’s optimism after talks with Saudi Crown Prince Mohammed Bin Salman. At the close of the North American session, crude oil for delivery in September rose or 4.38 to hit $98.95 a barrel, while the September Brent oil contract rose 4.52% or 4.57 to trade at $105.73 a barrel.
The biggest gainers of the session on the TSX today were Canopy Growth Corp (TSX:TSX:WEED), which rose 15.46% or 0.45 points to trade at 3.36 at the close. Athabasca Oil Corp added 12.81% or 0.26 points to end at 2.29 and Precision Drilling Corporation was up 9.02% or 6.22 points to 75.20 in late trade.
Biggest losers included Wesdome Gold (TSX:WDO) Mines Ltd., which lost 4.61% or 0.45 points to trade at 9.31 in late trade. Alimentation Couche Tard Inc declined 1.89% or 0.99 points to end at 51.44 and Thomson Reuters (TSX:TRI) Corp shed 1.79% or 2.48 points to 136.17.
In New York, the Dow Jones Industrial Average fell 0.69%, while the S&P 500 index declined 0.84%, and the NASDAQ Composite index fell 0.81%