By MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – The Canadian dollar weakened against the U.S. dollar after data showed stronger-than expected growth in the U.S. economy.
The dollar finished the day at US$0.7586 or US$1=C$1.3182, which compares with Thursday’s close of US$0.7607 or US$1=C$1.3146.
Global stock performances set record highs also due to the economic data. Strong earnings results from tech companies also assisted in boosting U.S. stock indexes. Legal cannabis also provided support to Canadian indexes.
The TSX Composite Index closed higher by 42.84 points at 16,531.04. The S&P 500 gained 22.19 to close at 3,025.86. Similarly, the Dow Jones gained 51.47 to finish at 27,192.45. The NASDAQ gained 91.67 to finish at 8,330.21.
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Benchmark oil prices were mixed on Friday after positive economic data improved the outlook for future crude demand. Brent crude oil was down by five cents to close at US$63.34 per barrel. West Texas Intermediate (WTI) crude oil gained 17 cents to close at US$56.19 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.02 at $ 2.88
Linamar Corp. dn $ 0.11 at $ 45.38
Maple Leaf Foods dn $ 0.03 at $ 30.76
Nutrien Ltd. up $ 0.25 at $ 66.94
Ritchie Bros Auctioneers Inc. dn $ 0.05 at $ 46.57
Rocky Mountain Dealerships Inc. up $ 0.07 at $ 7.50
(All figures are in Canadian dollars.)
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