Gold prices edged up on Wednesday as the dollar weakened, with the metal supported by expectations of a U.S. interest rate cut this year, which would reduce the attractiveness of the dollar. Gold prices edged up on Wednesday as the dollar weakened, with the metal supported by expectations of a U.S. interest rate cut this year, which would reduce the attractiveness of the dollar. Gold prices edged up on Wednesday as the dollar weakened, with the metal supported by expectations of a U.S. interest rate cut this year, which would make the metal more attractive to investors.
The TSX ended down 50.09 points, or 0.2%, at 20,571.30.
The Dow Jones Industrial Average (DJIA) closed at its lowest level since December 20.
Oil prices fell 2.2% on Wednesday, while energy prices fell 1.5%.
Technology stocks ended higher on Wednesday, with Shopify among the biggest gainers after the company reported quarterly results that topped Wall Street expectations.
TORONTO, Jan 24 (Reuters) - Canada’s main stock index on Monday fell to a five-week low as fears of a Russian attack on Ukraine and aggressive policy tightening by the Federal Reserve weighed on investor sentiment, but the index clawed back much of its earlier decline. The Toronto Stock Exchange's S&P/TSX composite index was down 0.5 percent at 14,521.06 by early afternoon.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 50.09 points, or 0.2%, at 20,571.30. This is the lowest it has been since December of last year.
"The momentum to the downside has been increasing over the last few weeks," said Philip Petursson, chief investment strategist at IG Wealth Management. "When interest rates are going up, you always see a reset in valuations."
The Toronto market has gained 22% in 2021, its best yearly performance since 2009, but has since been pressured by the prospect of faster U.S. rate hikes.
The Bank of Canada is also expected to begin tightening, with the first move potentially coming at a policy announcement on Wednesday. The Bank of Canada is also expected to begin tightening, with the first move potentially coming at a policy announcement on the same day as this sentence.
NATO said it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets. Russia denounced this as an escalation of tensions over Ukraine.
"Geopolitical risk is one more thing that investors are already concerned about," Petursson said.
The TSX closed well above an intraday low of 19,912.59. It was helped by a rally in technology shares, including a 7% gain for Shopify Inc as the company proposed changes to its fulfillment network.
The Nasdaq Composite also ended higher in the United States, bouncing back from a steep sell-off late in the session.
Energy shares on the Toronto market fell 1.5%, pressured by a drop in oil prices. U.S. crude prices settled 2.2% lower on the day at $83.31 a barrel.
Shares of heavily weighted financial companies lost 0.8%, while the materials group, which includes precious and base metals miners and fertilizer companies, also ended 0.8% lower. (Reporting by Fergal Smith; Additional reporting by Ambar Warrick; Editing by Richard Chang)
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