@ the Bell: Markets rise as ceasefire optimism fades
Canada's main stock index struggled for direction but overcame early losses on Tuesday, initially supported by news of a ceasefire between Iran and Israel announced by US President Donald Trump. While the truce briefly eased investor anxiety, sentiment quickly turned after Trump expressed frustration with both nations. Despite the geopolitical uncertainty, the TSX managed to reach an all-time intraday high of 26,780.19, led by strength in the financial and technology sectors, while energy stocks lagged as oil prices fell.
US markets moved higher as investors welcomed the ceasefire news. Tech and growth stocks led the rally. However, the optimism was tempered later on as Israel accused Iran of renewed missile attacks, which Iran denied, casting doubt on the truce's durability. Energy and defense stocks slipped amid falling oil prices and easing war-related demand.
The Canadian dollar traded for 72.87 cents US compared to 72.81 cents US on Monday.
US crude futures traded US$3.86 lower at US$64.65 a barrel, and the Brent contract fell US$4.05 to US$67.43 a barrel.
The price of gold was down US$62.19 to US$3,317.34.
In world markets, the Nikkei was up 436.47 points to ¥38,790.56, the Hang Seng was up 487.94 points to HK$24,177.07, the FTSE was up 0.95 of a point to ₤8,758.99, and the DAX was up 8,758.99 points to €23,641.58.
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