Canada Shares Rise on U.S. Confidence Report
Canadian stocks closed moderately higher as higher than expected U.S. Consumer Confidence for March, which while suggesting the Fed may not cut rates intra-meeting, hints that consumers may not see the U.S. teetering on the brink of recession. The TSE 300 rose 64.70 points to 7751.30 as Industrial Products, Utilities, Oil & Gas, Financial Services shares rose. Breadth was 744-495 positive. The Canadian dollar was lower vs. the U.S. dollar. Traders reacted to the Bank of Canada's Deputy Gov. Jenkins' comments that an economic slowdown is likely to be short term. North American bonds were lower on the Consumer Confidence report.
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