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CANADA STOCKS-Canada's TSX post longest daily winning streak in 13 months
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CANADA STOCKS-Canada's TSX post longest daily winning streak in 13 months
Aug 15, 2024 1:55 PM

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TSX ends up 1.2% at 23,032.72

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Posts sixth straight day of gains

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Tech sector adds 2.7%

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Energy adds 1.7%; oil settles 1.5% higher

(Updates at market close)

By Nikhil Sharma and Fergal Smith

Aug 15 (Reuters) - Canada's main stock index rose for a

sixth straight day on Thursday, with resource and technology

stocks leading a broad-based rally as U.S. economic data

bolstered hopes of a soft landing for the economy.

The S&P/TSX composite index ended up 272.71

points, or 1.2%, at 23,032.72, stopping just short of its record

closing high on July 31. The daily winning streak was the

longest since July 2023.

The number of Americans filing new applications for

unemployment benefits dropped to a one month-low last week and

retail sales jumped 1.0% in July, which was the largest increase

since January 2023.

The data indicates that "we still have resilient economic

growth," said Angelo Kourkafas, a senior investment strategist

at Edward Jones. "And when you combine that with moderating

inflation, that is the recipe for a soft landing."

The latest U.S. consumer price index data, released on

Wednesday, showed the annual increase in inflation slowing to

below 3% for the first time since early 2021.

All 10 major sectors moved higher, including a gain of 2.7%

for technology as shares of Celestica Inc ( CLS ) and Shopify

Inc ( SHOP ) climbed.

Energy added 1.7% as U.S. crude oil futures settled

1.5% higher at $78.16 a barrel.

Gold and copper prices also rose, which helped

lift the materials group. It ended up 1.6%.

Canadian Labour Minister Steven MacKinnon has rejected a

request by Canadian National Railway Co ( CNI ) to initiate

binding arbitration in a labor dispute with the Teamsters union,

a spokesman for the minister said.

Still, shares of CN Rail and Canadian Pacific

Kansas City Ltd ( CP ) both ended up 1.9%.

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