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Canada’s main stock index closed more than 200 points higher and U.S. markets all saw a lift on Thursday thanks to strength in energy, metals and tech.
The S&P/TSX composite index finished up 203.30 points at 30,186.28.
In New York, the Dow Jones industrial average was up 144.20 points at 46,734.61. The S&P 500 index was up 39.04 points at 6,738.44, while the Nasdaq composite was up 201.40 points at 22,941.80.
Ainsley Mackie, portfolio manager at Verecan Capital Management Inc., said while equity markets have seen hefty returns in recent months, investors should be wary of getting too wrapped up in the hype.
“A lot of the strength is being driven by speculation, particularly around artificial intelligence,” she said. The so-called Magnificent Seven tech firms that have an outsized influence on Wall Street have delivered big returns, but Mackie said it’s not clear what the revenue payoffs will be from their massive capital expenditures into AI.
“We’d rather have a little bit of a boring portfolio, not the big ups and downs,” Mackie said. Some “unloved” sectors her firm has been interested in lately are real estate and health care.
The December crude oil contract was up US$3.29 at US$61.79 per barrel, and oil companies on both sides of the border saw a boost. The 5.6 per cent increase in crude prices came after U.S. President Donald Trump announced new sanctions targeting Russia’s oil industry. Oil prices are still down 10 per cent for the year so far.
ExxonMobil rose 1.1 per cent, ConocoPhillips was up 3.1 per cent and Diamondback Energy gained 3.4 per cent.
In Canada, oilsands giants Cenovus Energy Inc. and Canadian Natural Resources Ltd. each rose about three per cent. The overall energy subindex was up almost two per cent.
Meanwhile, gold — another major driver of Canada’s stock market — had a strong day after a sharp dip earlier in the week. The December gold contract was up US$80.20 at US$4,145.60 an ounce. The price of gold has jumped about 57 per cent so far in 2025.
“We saw gold break US$4,000 (per ounce) mark for the first time ever, which is huge, but we also saw its biggest one day drop in over a decade, so really big swings,” said Mackie.
“It’s a good reminder for every investor that markets turn fast and they might be a little bit behind to getting in at a good point.”
The base metals subindex on the TSX rose about 1.5 per cent.
The Canadian dollar closed at 71.46 cents US compared with 71.45 cents US on Wednesday.
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