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Toronto market rises for third week

October 25, 2021 00:00:00

TORONTO, Oct 24 (Reuters): Canada's main stock index edged slightly higher on Friday as gains for the energy and financial sectors offset a drop in technology stocks, with the index notching its third straight week of gains.

The Toronto Stock Exchange's S&P/TSX composite index ended up 3.76 points, or 0.02 per cent, at 21,216.15, the 13th straight day of gains and a record closing high.

For the week, the TSX was up 1.4 per cent, helped by stronger commodity prices.

"Commodity prices have bounced back a little bit, particularly crude. That helped the energy stocks," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "At the same time, we're seeing weakness in technology in the United States."

The S&P 500 and Nasdaq closed lower as disappointing quarterly reports put pressure on the communications and technology sectors and investors turned skittish as Federal Reserve Chair Jerome Powell discussed stimulus tapering.

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