North American Stocks Gain as Brexit Nerves Settle
TORONTO — Fears over a British exit from the European Union continued to ease, as stock markets and commodities prices advanced strongly for a second straight day.
The S&P/TSX composite index in Toronto soared 194.05 points to 14,036.74, and now has recovered close to 80 per cent of the 440 points it lost in the two-day rout that followed last Thursday’s referendum.
The Canadian dollar was also higher for a second day, up a 0.35 of a U.S. cent at 77.07 cents US.
In commodities, oil prices continued to recover, with the August contract for benchmark North American crude adding $2.03 to US$49.88 a barrel.
August natural gas shed three cents to US$2.86 per mmBtu, while August gold bullion rose $9 to US$1,326.90 a troy ounce and September copper rose a penny to US$2.19 a pound.
New York indexes were also higher, helped by positive news on consumer spending and a big acquisition by the Canadian Imperial Bank of Commerce (TSX:CM). The Dow Jones industrials gained 284.96 points to 17,694.68, while the broader S&P 500 added 34.68 points to 2,070.77. The Nasdaq composite rose 87.38 points to 4,779.25.