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TSX Rebounds As Housing Heats Up Again -- Canadian Commentary

Canadian stocks were higher Monday, snapping a three-day losing skid as energy shares rallied on higher oil prices.

The TSX Composite Index was up 54.55 points to 15,039.98. On Wall Street, the S&P 500 rose toward record highs and the Dow Jones Industrial Average posted its best one-day gain in six months.

Oct. WTI oil settles at $48.07/bbl on Nymex, up 59 cents, or 1.2%.

Saudi Arabia said it is open to another supply quota extension.

Saudi Arabia and Venezuela are prepared to make cuts "beyond the first quarter of 2018, if needed," the Saudi ministry said in one of the statements. An extension "would be considered in due course as market fundamentals may dictate."

Canadian housing starts rose slightly in August, beating expectations for a small decline. CMHC says housing starts came in at a seasonally adjusted annual rate of 223,232 units for August, up from 221,974 in July.

Eldorado Gold (ELD.TO) plans to suspend investment at its mines in Greece. Shares dropped 5.2 percent.

by RTT Staff Writer

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