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S&P/TSX composite up almost 150 at closing, U.S. markets also higher TORONTO — Canada's main stock index pushed higher to end Monday up almost 150 points on light trading action, while U.S. stock markets also gained ahead of the Christmas break. Ritika Dubey, The Canadian Press Dec 23, 2024 2:27 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White TORONTO — Canada's main stock index pushed higher to end Monday up almost 150 points on light trading action, while U.S. stock markets also gained ahead of the Christmas break. "Today is a quiet pre-Christmas Day of trading," said Kevin Burkett, a portfolio manager at Victoria, B.C.-based Burkett Asset Management. While markets in both Canada and the U.S. were mild, Burkett suggests watching the markets closely during the holiday season, a contrast to what's typically a sleepy period for markets. "We're continuing to watch markets very closely here because you've got some tectonic plate shifting in terms of the macroeconomic backdrop," he said. "It's all the political conversations both in Canada and in the U.S." Burkett added fiscal policy seems to be disconnected from monetary policy in the post-pandemic period. "The fiscal policy may shift and that shift absolutely has market implications both in the short and long term," he said. The S&P/TSX composite index was up 149.50 points at 24,748.98. Statistics Canada released its latest numbers on Canada's economic growth, up 0.3 per cent in October — driven by the mining, quarrying, and oil and gas extraction sector. The loonie continued its slide, trading for 69.47 cents US compared with 69.61 cents US on Friday. The telecom sector was the biggest loser at the closing on TSX, which Burkett attributed to "tax loss selling happening at the end of the year." Competition Bureau Canada announced on Monday it was suing Rogers Communications Inc. for allegedly making misleading claims about its infinite wireless plans. The stock price for Rogers, which is hovering near 52-week lows, fell 0.7 per cent on Monday. Meanwhile, BCE was down almost 1.4 per cent and Telus dropped 0.9 per cent. Burkett suggested the day's poor performance among telecom companies was likely tax loss selling since it's almost the end of the year. "It's been a tough year for the communication services sector," he said. South of the border, communications services was the top-performing sector, led by large-cap tech companies. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. In New York, the Dow Jones industrial average was up 66.69 points at 42,906.95. The S&P 500 index was up 43.22 points at 5,974.07, while the Nasdaq composite was up 192.29 points at 19,764.89. The February crude oil contract was down 22 cents at US$69.24 per barrel and the February natural gas contract was down six cents at US$3.35 per mmBTU. The February gold contract was down US$16.90 at US$2,628.20 an ounce and the March copper contract was down one cent at US$4.09 a pound. This report by The Canadian Press was first published Dec. 23, 2024. Companies in this story: (TSX: GSPTSE, TSX: CADUSD, TSE: BCE, TSE: RCI. B) Ritika Dubey, The Canadian Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More The Mix Revised airline compensation rules will do little to change status quo: experts Dec 23, 2024 2:25 PM Burt, the huge Australian crocodile who had a cameo in ‘Crocodile Dundee,’ dies at 90 Dec 23, 2024 2:00 PM Scheifele notches hat trick as Jets top Maple Leafs 5-2 ahead of NHL's holiday break Dec 23, 2024 1:58 PM Featured FlyerAna Siucho and Edison Flores have once again demonstrated the strength of their marriage by celebrating their fifth wedding anniversary. The couple, who have been under public scrutiny due to rumors of separation and infidelity, made it clear that their relationship remains strong. The presence of both at a recent marriage, where they were photographed together, dispelled speculation about a possible breakup. On another occasion, Edison Flores, a well-known Universitario soccer player, responded firmly to questions about his marital status in a recent interview, stating: “Yes, I’m still with my wife,” accompanied by a broad smile. This statement was enough to calm the breakup rumors that were circulating about their relationship. What did Grasse Becerra say about the marriage of Ana Siucho and Edison Flores? The news of the anniversary did not go unnoticed by Grasse Becerra. Through the ‘Instarándula’ account, managed by journalist Samuel Suárez, the model sent a message in which she reaffirmed her position on the relationship. Edison Flores and Ana Siucho . In his message, Becerra commented: “Jijiji. I told him, they didn’t finish. No one believed me, a total credit to Anita, that girl. Oh... I thought she was smarter.” This comment adds to a series of confrontations between Becerra and Siucho, who had a fight on social networks weeks ago, when the model accused the doctor of working illegally in the United States. The presence of Ana Siucho and Edison Flores in a recent wedding, captured by a guest and shared on Instagram, reflects the unity and complicity of the couple. Despite the extortion threats that led Siucho to travel to the United States and the lack of publications on social networks, the couple has managed to keep their relationship away from scandals. This context, along with the statements of Edison Flores, helps to understand the dynamics of a relationship that has been the subject of public speculation, but that continues to demonstrate its strength. Join our entertainment channel
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Astros GM: Alex Bregman Contract Talks 'Stalled'; Team Had to Explore Other OptionsIn a move that has sparked global conversation, Australia approved a significant social media ban prohibiting children under 16 from access, a decision that has drawn notable criticism from Elon Musk. The legislative move, described by Australia's Prime Minister Anthony Albanese as 'world-leading,' aims to set a stringent benchmark for tech regulation internationally. Musk, a central figure in social media discourse, has voiced concerns, suggesting the ban potentially undermines Australian citizens' internet freedoms. Albanese remains open to discussions with Musk, asserting the businessman's right to express his views as the owner of platform X, formerly known as Twitter. The law mandates compliance from tech giants such as Meta and TikTok, with violations costing up to A$49.5 million in fines. The ban, gaining bipartisan support, highlights ongoing tensions between governmental regulations and technological innovation. (With inputs from agencies.)AP News in Brief at 6:04 p.m. EST
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