Energy stocks help nudge S&P/TSX composite higher as indexes ‘tread some water’

By Christopher Reynolds, The Canadian Press on June 18, 2024.

The S&P TSX composite index screen at the TMX Market Centre in Toronto is photographed on Friday, Nov.11, 2022. THE CANADIAN PRESS/ Tijana Martin

Energy equities nudged up Canada’s main stock index on Tuesday, balancing out a slight drop in the technology and industrial sectors.

The S&P/TSX composite index closed up 23.42 points at 21,611.30.

In New York, the Dow Jones industrial average was up 56.76 points at 38,834.86. The S&P 500 index was up 13.80 points at 5,487.03, while the Nasdaq composite stayed virtually flat with a 5.21-point increase to 17,862.23.

Indexes were content to “tread some water” ahead of Wednesday’s Juneteenth federal holiday in the U.S., said Craig Fehr, head of investment strategy for Edward Jones. But the mild gains speak to an upward drift particularly evident south of the border.

“It does appear that the path of least resistance for…