MID-DAY: TSX rallies on crude boost; Dow drops on Wall Street; Lowes stocks boost as company locks down JC Penny CEO
The TSX is continuing gains from last week thanks to energy stocks. As oil continues to rally, the Bay Street index is up 61 points to 16,236.
Across the border, the Dow is down following a triple digit gain on Monday. The Wall Street index is up 42 points to 24,970.
Crude prices are soaring as investors worry about production from Venezuela taking a hit. The price of US crude is up to 72.87 a barrel. This is also boosting the energy-driven Loonie up to 78.30 cents US.
Lowes stocks are up .25 per cent after news broke that the JC Penny CEO would be moving to the hardware business. He will be bringing experience from his former executive gig with the Home Depot. Following the news, JC Penny stocks dropped 6.5 per cent to hit a 52-week low.
Canada’s Big Six Banks are preparing to release Q2 reports this week. CIBC is kicking off the Q2 reports on Wednesday.