Tech stocks lead S&P/TSX composite to three-week high despite drop in oil prices

TORONTO – A broad rally led by tech pushed Canada’s main stock index to a three-week high, although it underperformed U.S. markets as the price of oil dropped 12 per cent and gold lost some of its lustre.

The S&P/TSX composite index closed up 261.20 points or 1.2 per cent to 21,493.23.

In New York, the Dow Jones industrial average was up 653.61 points or 2 per cent at 33,286.25. The S&P 500 index was up 107.18 points or 2.6 per cent at 4,277.88, while the Nasdaq composite was 460.00 points or 3.6 per cent at 13,255.55.

The Canadian dollar traded for 78 cents US compared with 77.72 cents US on Tuesday.

The April crude oil contract was down US$15.00 at US$108.78 per barrel and the April natural gas contract was essentially flat at US$4.53 per mmBTU.

The April gold contract was down US$55.10 at US$1,988.20 an ounce and the May copper contract was down 13.8 cents at US$4.57 a pound.

This report by The Canadian Press was first published March 9, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)