TORONTO -- The Toronto stock market closed slightly higher Tuesday amid
hope that Greece's new government and its eurozone creditors will come
to a speedy agreement.
The S&P/TSX composite index gained 11.82 points to 15,112.52, held back falling resource stocks as oil prices backed off following a sharp run-up and mining stocks declined amid another round of weak data from China.
The Canadian dollar tumbled 0.69 of a cent to 79.53 cents US as gold and copper prices also retreated and the American currency strengthened across the board.
New York indexes were positive as the Dow Jones industrials jumped 139.55 points to 17,868.76, the Nasdaq was up 61.63 points at 4,787.64 and the S&P 500 index was ahead 21.85 points at 2,068.59.
The TSX energy sector fell 2.5 cent as March oil in New York lost $2.84 to US$50.02 a barrel after running ahead nine per cent since last Wednesday. Oil prices seemed to find support around the $50 a barrel level after having dropped sharply since the end of November as markets cope with a huge supply/demand imbalance.
But analysts warn that there is still plenty of potential for prices to head lower in the short term.
"There's the risk that the oil price really gets sloppy and inventory levels fill up as seasonal demand slows down into the spring and you have refineries go down for maintenance," said Craig Jerusalim, portfolio manager at CIBC Asset Management.
The S&P/TSX composite index gained 11.82 points to 15,112.52, held back falling resource stocks as oil prices backed off following a sharp run-up and mining stocks declined amid another round of weak data from China.
The Canadian dollar tumbled 0.69 of a cent to 79.53 cents US as gold and copper prices also retreated and the American currency strengthened across the board.
New York indexes were positive as the Dow Jones industrials jumped 139.55 points to 17,868.76, the Nasdaq was up 61.63 points at 4,787.64 and the S&P 500 index was ahead 21.85 points at 2,068.59.
The TSX energy sector fell 2.5 cent as March oil in New York lost $2.84 to US$50.02 a barrel after running ahead nine per cent since last Wednesday. Oil prices seemed to find support around the $50 a barrel level after having dropped sharply since the end of November as markets cope with a huge supply/demand imbalance.
But analysts warn that there is still plenty of potential for prices to head lower in the short term.
"There's the risk that the oil price really gets sloppy and inventory levels fill up as seasonal demand slows down into the spring and you have refineries go down for maintenance," said Craig Jerusalim, portfolio manager at CIBC Asset Management.
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