Slight Change in Toronto Stock Exchange & NY Market Lift

This Friday in Toronto, the stock market was not that strong as at the end of the week, investors stepped back at a positive week’s end. This is due to the positive economic data and a bit of higher prices of crude. After having 27 points lower last Thursday, the S&P/TSX composite index reached 7.3 points to 11,535.5, which broke a solid 5-day advance. The net was over 500 points due to the growth of confidence in investors about the recovery in the economy. With US dollars strength gains, the Canadian on the other hand went down to 0.33 a cent to 93.41 US cents.

According to Statistics Canada, the wholesale sales in July have increased for the second consecutive month by 2.8%. Still according to the news, increased sales in the auto sector were the one that caused the July wholesale sale increase. Five out of seven trade sectors in wholesale showed stronger sales in the given data. In contrast, there are lesser success in the sectors of farm products, tobacco products, food, and beverage. By talking about overall results, sales of 13.5% are no higher than the level of July 2008.

The early elevation of TSX, which is 0.62% ahead together with the rise of $2.70 to US$1,016.20/ounce of gold in the December bullion contract on the NY Mercantile Exchange, was provided by the gold sector.

A series of gains was built and as a result, the New York indexes went ahead as the Dow Jones industrials experienced 51.2 points to 9,835.2 gains.