S&P/TSX composite closes higher along with U.S. markets despite oil price drop

TORONTO -

Canada's main stock index closed up along with U.S. markets despite a drop in the price of oil that pushed energy stocks down.

The S&P/TSX composite index closed up 153.29 points at 19,241.44 as the Bank of Canada's three-quarters of a percentage point rate increase came in line with expectations.

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In New York, the Dow Jones industrial average ended up 435.98 points at 31,581.28. The S&P 500 index was up 71.68 points at 3,979.87, while the Nasdaq composite was up 246.99 points at 11,791.90.

The Canadian dollar traded for 75.96 cents US compared with 76.11 cents US on Tuesday.

The October crude contract ended down US$4.94 at US$81.94 per barrel and the October natural gas contract was down 30 cents at US$7.84 per mmBTU.

The December gold contract was up US$14.90 at US$1,727.80 an ounce and the December copper contract was down three cents at US$3.43 a pound.

This report by The Canadian Press was first published Sept. 7, 2022.