Dec 23, 2014
By Michael Kramer
The Dow Jones Average made history today – in a good way.
The market in New York closed above 18,000 – for the first time ever.
Traders were assessing a slew of positive economic data from both Canada and the United States – where the Commerce Department revised its GDP growth figures upward for the third quarter – to five per cent – the fastest pace in more than a decade. The previous figure was 3.9 per cent.
That helped lift Wall Street 64.73 points to 18,024.17.
The S&P 500 index added 3.63 points to 2,082.17. Both were record highs.
The Nasdaq declined 16 points to 4,765.42.
In Toronto the S&P/TSX composite index soared 161.65 points to 14,594.03.
The Canadian dollar climbed 0.05 of a cent to 85.98 cents US.
Statistics Canada says gross domestic product rose by 0.3 per cent in October, beating economists’ expectations of 0.1 per cent – with broad based growth due largely to oil and gas extraction, mining and manufacturing.
As for commodities, the February crude oil contract added $1.86 to US$57.12 barrel.
February gold fell $1.80 to US$1,178 an ounce.