Gold, energy stocks boost Toronto stock index, loonie strengthens

The Canadian Press</span>
Published Wednesday, May 10, 2017 7:32AM EDT
Last Updated Wednesday, May 10, 2017 4:33PM EDT

TORONTO - Resource stocks accounted for the majority of gains on the Toronto stock index today as the latest figures from the U.S. showed an unexpectedly large drawdown last week in crude stocks.

The S&P/TSX composite index was ahead 64.01 points to 15,633.21, with energy, gold and materials stocks leading advancers.

The U.S. Energy Information Administration says crude oil stocks fell by 5.2 million barrels last week -- a bigger decline than expected and a signal that demand may pick up.

Oil prices rallied on the news, with the June crude contract jumping $1.45 at US$47.33 per barrel, while the June natural gas contract was up seven cents at US$3.29 per mmBTU.

The Canadian dollar was ahead 0.30 of a U.S. cent to an average value of 73.14 cents US.

In other commodities, the June gold contract advanced $2.80 at US$1,218.90 an ounce and the July copper contract was unchanged at US$2.49 a pound.

In New York, the Dow Jones industrial average lost 32.67 points to 20,943.11. The S&P 500 index gained 2.71 points to 2,399.63 and the Nasdaq composite index added 8.55 points to 6,129.14 -- record highs for both indices.

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