Oil Tops 116 Dollars, the Dow Drops 653, and Canada Spends Anyway
Brent settled at 116 dollars and 72 cents and the Dow fell 653 points to end a turbulent week, while energy stocks and SLB cashed in and American Express beat earnings then announced a five percent workforce cut. In Canada, August retail sales rose 1.2 percent, the loonie hit a five week high, and markets put roughly eighty percent odds on a Bank of Canada rate hike on October 28, as gloomy U.S. consumer sentiment, a strong manufacturing PMI, and Instacart sale talks rounded out the day. The Daily Ledger, with Alex and Jordan.
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