Newspaper article The Canadian Press

Toronto Stock Market Closes Higher as Ukraine/Russian Tensions Ease

Newspaper article The Canadian Press

Toronto Stock Market Closes Higher as Ukraine/Russian Tensions Ease

Article excerpt

TSX advances as Ukraine worries ease

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TORONTO - The Toronto stock market closed higher Friday as traders hoped for an easing of tensions between Russia and Ukraine.

The S&P/TSX composite index was up 77.88 points to 15,196.31, after Russia's Interfax reported that Russia had ended military exercises near the Ukraine border.

Still, many market watchers were unimpressed by the one-day bounce.

"We've been going down most days this week and today we are getting a bit of a bounceback, more of a trading correction than anything else," said Colin Cieszynski, senior markets analyst at CMC Markets Canada.

The Canadian dollar dropped 0.42 of a cent to 91.15 cents US as Statistics Canada reported that the economy created a paltry 200 jobs during July. Economists had generally expected that 20,000 jobs would be created.

U.S. indexes surged on the report with the Dow industrials ahead 185.66 points to 16,553.93, the Nasdaq gained 35.93 points to 4,370.90 and the S&P 500 index edged up 22.02 points to 1,931.59.

Geopolitical worries have pressured stock markets for much of this past week.

The Russia/Ukraine standoff is the primary focus for investor worry as traders considered the odds of Russia invading its neighbour in order to prop up Ukrainian rebels. There is also concern about how sanctions and countersanctions could derail a still-fragile economic recovery in Europe.

"It is a primary concern and how long these sanctions stay in place will certainly determine the impact on the region, which is already very fragile, and a struggle to regain any sort of momentum over the past few quarters or so," said Jean-Francois Dion, portfolio advisor at RBC Dominion Securities' wealth management division.

There were still market jitters going into the weekend in northern Iraq, where American warplanes bombed Islamic militants. …

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