MID-DAY: Oil prices dip, but TSX still gains on gold rush
The price for oil is falling below the lowest price this year, but that’s not pulling down the TSX. The Bay Street Index is gaining 13 points to 14,277, boosted by a rally in gold as investors flock to save haven options. The precious metal is pushing to 1,260 an ounce.
This shift is hitting the Dow hard again this morning, as the Wall Street index falls 70 points to 23,253.
The moves come after the US Federal Reserve announced another interest rate hike to 2.5 per cent, forecasting at least two rate hikes coming in 2019 as well.
Oil is slipping as the appetite for 2019’s global economy continues to drop for investors with fears of a recession taking point. US crude is down to 46.57 a barrel.
The Loonie is up to 74.18 cents US.