S&P/TSX composite closes higher along with U.S. markets despite oil price drop

Canada’s main stock index closed up along with U.S. markets despite a drop in the price of oil that pushed energy stocks down.

The S&P/TSX composite index closed up 153.29 points at 19,241.44 as the Bank of Canada’s three-quarters of a percentage point rate increase came in line with expectations.

In New York, the Dow Jones industrial average ended up 435.98 points at 31,581.28. The S&P 500 index was up 71.68 points at 3,979.87, while the Nasdaq composite was up 246.99 points at 11,791.90.

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The Canadian dollar traded for 75.96 cents US compared with 76.11 cents US on Tuesday.

The October crude contract ended down US$4.94 at US$81.94 per barrel and the October natural gas contract was down 30 cents at US$7.84 per mmBTU.

The December gold contract was up US$14.90 at US$1,727.80 an ounce and the December copper contract was down three cents at US$3.43 a pound.