TSX resumes record climb, loonie falls after Bank of Canada economic forecast

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TORONTO — Canada’s main stock index resumed its climb to record highs on a broad-based rally while the loonie lost value after the Bank of Canada forecast a slower start for the economy in 2020.

The S&P/TSX composite index was up 48.89 points at 17,621.17 in late-morning trading.

In New York, the Dow Jones industrial average was up 51.78 points at 29,247.82. The S&P 500 index was up 9.93 points at 3,330.72, while the Nasdaq composite was up 48.05 points at 9,418.86.

The Canadian dollar traded for 76.22 cents US compared with an average of 76.61 cents US on Monday after the central bank said the economy will grow by 1.6 per cent this year, down 0.1 of a percentage point from its projection in October.

The March crude contract was down US$1.51 at US$58.26 per barrel and the February natural gas contract was down 3.1 cents at US$1.90 per mmBTU.

The February gold contract was down 50 cents US at US$1,557.40 an ounce and the March copper contract was down 2.7 cents at US$2.77 a pound.

 

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)