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Stock indexes up sharply in Toronto, New York; loonie down

Stock indexes up sharply in Toronto, New York; loonie down
Business
Canada s main stock index was up sharply in late morning trading as oil prices rose, while the loonie slipped on muted inflation data.

The Toronto Stock Exchange s S&P/TSX composite index was up 143.10 points to 16,478.25, after 90 minutes of trading.

The index opened at a record high of 16,457.25 as energy stocks surged on news of a deal at the OPEC meeting in Vienna. Member countries agreed to increase production to moderate prices, though oil markets actually rallied on news of the deal.

In New York, the Dow Jones industrial average was up 133.10 points to 24,594.80. The S&P 500 index was up 9.82 points to 2,759.58 and the Nasdaq composite index was down 18.14 points to 7,694.81.

The Canadian dollar was trading at 74.97 cents U.S., down from Thursday s average value of 75.13 cents U.S. The loonie faltered following disappointing economic data from Statistics Canada out Friday.

The agency said Canada s annual inflation rate rose 2.2 per cent in May, far below the 2.6 per cent consensus among economists. April retail trade data also disappointed with a 1.2 per cent contraction that surprised economists.

The August crude contract was up $2.37 to $67.91 (U.S.) per barrel and the July natural gas contract was down three cents to $2.95 per mmBTU.
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