Financial Update: Friday June 10, 2011
- TSX +71.95 to 13,255.74 (Reuters)
- Bounced back from a seven-day fall, as some positive U.S. economic data and higher commodity prices prompted investors to pick up beaten down shares. Traders are looking to the release of Statistics Canada's May employment report Friday morning.
- DOW +75.42 to 12,124.36
- Traders also looked overseas where the European Central Bank announced it would keep its main interest rate unchanged at 1.25 per cent. However, there were indications that the bank will move shortly to raise its key rate. ECB president Jean-Claude Trichet said that "strong vigilance" is warranted in dealing with inflationary pressures-. words often code for a rate increase at the next month's meeting. The prevailing view is that the bank will follow up April’s first interest rate increase in nearly three years with another quarter point rise in July, .The Bank of England also announced it was keeping its key interest rate at an all-time low of 0.5 per cent for a 27th straight month.
- Dollar +.69c to 102.76c USD
- As oil prices continued to advance in the wake of a decision by the OPEC cartel to maintain current crude oil production levels.
- Oil +$1.19 to $101.93USD per barrel
- Gold +$4.00 to $1542.70 per ounce
