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Traders work on the floor of the New York Stock Exchange June 6, 2014. (BRENDAN MCDERMID/REUTERS)
Traders work on the floor of the New York Stock Exchange June 6, 2014. (BRENDAN MCDERMID/REUTERS)

The close: TSX gains despite falling commodities Add to ...

The Toronto stock market racked up a small gain as commodities mostly fell despite continuing uncertainty in Iraq and the U.S. Federal Reserve began a two-day policy meeting.

The S&P/TSX composite index added 15.46 points to 15,055.89. The Canadian dollar dipped 0.19 of a cent to 92.05 cents (U.S.).

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Traders were cautious as they awaited the outcome of the Fed meeting and its latest economic outlook, due for release Wednesday. The meeting is taking place amid news from the U.S. Labor Department that American consumer prices was up 0.4 per cent in May, the biggest one-month jump since February 2013, push up by the rising cost of food and gasoline and the biggest jump in airline fares in 15 years.

Wall Street was higher, with the Dow Jones industrials up 27.48 points to 16,808.49, the Nasdaq 16.12 points higher at 4,337.23 and the S&P 500 index ahead 4.21 points at 1,941.99.

Meanwhile, Ottawa is expected to release its long-awaited decision on Enbridge’s proposed Northern Gateway pipeline after 5 p.m. eastern time today. The $7-billion, 1,200-kilometre pipeline would link Alberta’s oil sands to the British Columbia coast. Many First Nations are against the project, and have threatened to take the federal government to court if the project gets the green light. Shares in Enbridge gained 45 cents to $51.96.

Commodity prices were mostly lower after enjoying a bump the previous few sessions as a result of the deteroriating military situation in Iraq. The July crude contract on the New York Mercantile Exchange declined 54 cents to $106.36 (U.S.) a barrel. Investors didn’t flock to gold either, which is usually seen as safe haven amid geopolitical uncertainty. August bullion was down $3.30 to $1,272 an ounce. July copper was up a penny at $3.06 a pound.

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