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S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US


 
TORONTO
A supportive environment bolstered U.S. stock markets and Canada s main stock index dipped on lower metals prices, while the loonie increased for a seventh-straight day to top 81 cents US.
“Strong U.S. day based on supportive Federal Reserve, rebound in the economic, strong earnings from market leaders and in Canada a mixed day, some strength in energy and financials, offset by weakness in materials,” said Anish Chopra, managing director with Portfolio Management Corp.
The American economy is on fire as first-quarter GDP surged at an annualized rate of 6.4 per cent.
Initial jobless claims continued to trend lower, increasing by 553,000 while corporate earnings reports have been strong with Facebook and Apple posting blowout results. ....

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