Stocks Creep Higher Despite Downbeat Retail Sales -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher in quiet dealing as U.S. markets were closed for the Thanksgiving holiday.

The TSX Composite Index was up 20 points at 16,093, approaching record highs from the previous session.

The index has been bouncing back and forth around the 16,000 mark for the past two weeks, supported by a significant rally in crude oil prices and energy stocks.

There was little reaction to lackluster retail sales data this morning.

Canada's retail sales edged up only 0.1% to $49.1 billion in September. Higher sales at gasoline stations, particularly due to higher prices, were the main contributor to the gain.

Excluding sales in this subsector, retail sales actually decline 0.2%.