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Stock markets rise as investors warm to idea of Trump presidency

Safe investment havens like gold pulled back their cost after an initial surge


 
A sign board in the banking district shows the TSX market value and gain on Wednesday November 9, 2016. (Frank Gunn/CP)

A sign board in the banking district shows the TSX market value and gain on Wednesday November 9, 2016. (Frank Gunn/CP)

TORONTO – Canada’s biggest stock market rose Wednesday, while Wall Street hovered around record levels, as investors warmed to the idea that the victory of U.S. president-elect Donald Trump will be good news to business on both sides of the border.

The optimistic tone helped push the resource-heavy S&P/TSX composite index higher by 103.07 points at 14,759.91, led by a strong rally in the gold, metals and materials sectors.

In New York, the Dow Jones industrial average climbed 256.95 points to 18,589.69, just shy of an all-time closing record, while the broader S&P 500 gained 23.70 points at 2,163.26. The Nasdaq composite rose 57.58 points to 5,251.07.

The Canadian dollar was down 0.41 of a U.S. cent to 74.75 cents US, against a strengthening U.S. greenback.

MORE: The post-Trump market freakout 

Crude oil added 29 cents to US$45.27 a barrel, after trading lower for most of the day. December natural gas jumped six cents to US$2.69 per mmBTU.

Gold, which is often considered a safe haven in times of global turbulence, pulled back on some of its earlier gains with the December bullion contract fading $1 to US$1,273.50 an ounce.

Investors also drove up metal prices, as the December copper contract climbed eight cents to US$2.46 a pound.


 
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