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TSX Jumps 100 Points -- Canadian Commentary

Canadian stocks raced higher Tuesday, extending gains from the previous session amid strength among energy and financial companies.

The TSX Composite Index was up 103.11 points to 15,143.41.

Manulife (MFC.TO) announced numerous management changes. Steve Roder, Manulife's Chief Financial Officer, has decided to retire for personal reasons, effective year end.

Philip Witherington, currently the interim President and CEO of Manulife Asia, has been appointed Manulife's Chief Financial Officer, effective January 1, 2018, subject to immigration approvals. Shares rose.

WestJet Airline Ltd.(WJA.TO) said its load factor was up sharply in August. Shares rose 1.7 percent.

Government officials from the UK and Canada will meet next week to discuss Boeing's complaints against Bombardier (BBD.B.TO), whose shares were up fractionally.

Home Capital's (HCG.TO) Oaken Financial announced major cuts in GIC rates. Shares slipped 0.7 percent.

Shell Canada, a subsidiary of Royal Dutch Shell Plc, is shutting some gas operations in its Waterton complex in southern Alberta due to wildfires.

U.S. stocks rose for second session Tuesday, led by financials in the hopes of tax reform by year's end.

Tech stocks also strengthened amid Apple's highly-anticipated product launches.

The S&P 500 rose 8 points, or 0.3%, to close at 2,496, a new record high. The Dow Jones Industrial Average climbed 62 points, or 0.3%, to end at 22,119, to flirt with an all-time high, while the Nasdaq Composite Index advanced 22 points, or 0.3%, to close at 6,454.

Apple launched a series of new products including its much awaited iPhone 8, iPhone 8S, and the iPhone X, its biggest iPhone redesign in a decade.

At its debut Apple Park public event on Tuesday, Apple unveiled its flagship iPhone X ( pronounced "iPhone 10") which is priced at a staggering starting price point of $999.

by RTT Staff Writer

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