It took a while for Canada's energy index to recognize that its key underlying commodity – that would be crude oil – was on the move on Wednesday. But by noon, the index up 1.1 per cent in a steep ascent, as though skeptical investors finally caved in to reality. Canadian Oil Sands Trust rose 2.6 per cent, EnCana Corp. rose 1.2 per cent and Petro-Canada rose 2.8 per cent.
The energy rally helped lift the S&P/TSX composite index to 15,125, up 78 points or 0.5 per cent. Crude oil traded at $131.55 (U.S.) a barrel, up $2.57. As well, gold rose nearly $9 to about $928 an ounce, as investors grow increasingly nervous about rising inflation. As a result, Barrick Gold Corp. rose 2.7 per cent.
In the United States, the Dow Jones industrial average fell 64 points, or 0.5 per cent, to 12,765 – with more than 70 per cent of the index's 30 members in negative territory. Exxon Mobil Corp. and Chevron Corp. rose 1.2 per cent and 0.8 per cent, respectively. But Boeing Co. fell 3.2 per cent, Hewlett-Packard Co. fell 2.2 per cent and Citigroup Inc. fell 3.1 per cent.
The broader S&P 500 was essentially flat, at 1413.
