S&P/TSX composite slips despite energy sector jump; U S markets mixed lethbridgeherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lethbridgeherald.com Daily Mail and Mail on Sunday newspapers.
S&P/TSX composite slips despite energy sector jump; U.S. markets mixed
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A street sign along Bay Street in Toronto s financial district is shown on Tuesday, January 12, 2021. THE CANADIAN PRESS/Nathan Denette
TORONTO – Energy sector strength amid rising oil prices proved insufficient to overcome broader market weakness and Canada’s main stock index closed lower on Wednesday.
The S&P/TSX composite index fell 32.04 points to 19,171.66.
Only two sectors were positive on the day, with energy gaining more than four per cent and materials up 0.56 per cent, while information technology followed U.S. tech stocks lower, the worst performer in Toronto with a loss of 1.76 per cent.
S&P/TSX composite slips despite energy sector jump; U S markets mixed timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.
Source: Invesco 2021 Investment Outlook
Even as the first vaccine doses have started to hit arms, there’s still expected to be strong social dislocation throughout this year, as particularly pandemic-affected sectors such as service and travel struggle to recover.
“Some parts of the economy are suffering more from the pandemic the service industry is one, but also areas such as women in the workplace,” says Cevey. “Today, it’s probably fair to say the marketplace and governments are not really emphasizing and focusing on those trends because the broad expectation is the world can go back to 90 to 95 per cent normal post-COVID, but that may be wishful thinking. At the end of the day, things may get better in 2021, but it’s fair to say a significant portion of the economy may not get back to the same level of employment that was previously the case.”
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