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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%.