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TORONTO – Canada’s main stock index dipped lower Friday despite strength in energy stocks, while U.S. markets were mixed as the Dow eked out another record but tech stocks dragged.

The mood Friday was mixed after a strong week for equities in both Canada and the U.S., said Andrew Buntain, vice-president and portfolio manager at Fiduciary Trust Canada.

The S&P/TSX composite index closed down 77.01 points at 23,956.82, one day after it . It closed over 24,000 for the first time on Thursday.

The strength this past week wasn’t just in North American markets, noted Buntain, as Chinese stocks enjoyed a rally after the country’s central banks announced a suite of measures intended to boost the economy.

Meanwhile, an undercurrent of broadening strength continued this week as investors spread out their interest beyond a narrow set of tech giants, said Buntain.

“Some of the sectors that have been ignored for several years have been some of the better performers this year,” he said.

“We’re very encouraged by that.”

In New York on Friday, the Dow Jones industrial average was up 137.89 points at 42,313. The S&P 500 index was down 7.20 points at 5,738.17 after setting an all-time high on Thursday, while the Nasdaq composite was down 70.70 points at 18,119.59.

A report Friday on one of the U.S. central bank’s preferred measures of inflation — the personal consumption expenditures price index — showed continued cooling.

The Federal Reserve started lowering its key interest rate last week, and is expected to keep going this fall and into 2025.

However, the Fed’s next interest rate decision isn’t until November, noted Buntain, so there’s plenty of data for the central bank to take in yet — including next week’s labour report.

The job market has been an increasingly key focus for the central bank after recent reports showed cooling in that area of the economy. Friday’s report also showed consumer spending in August didn’t meet economists’ expectations.

In Canada, where the Bank of Canada is set for its next rate decision later in October, Friday brought a GDP report that was a little stronger than expected, said Buntain.

“The Bank of Canada has already delivered three cuts and signalled maybe some further reductions,” he said.

If inflation continues to move lower, Buntain added, the Bank of Canada could even announce an outsized half-percentage-point cut, echoing the Fed’s move last week.

The Canadian dollar traded for 74.08 cents US compared with 74.22 cents US on Thursday.

The November crude oil contract was up 51 cents at US$68.18 per barrel and the November natural gas contract was up 15 cents at US$2.90 per mmBTU.

The December gold contract was down US$26.80 at US$2,668.10 an ounce and the December copper contract was down four cents at US$4.60 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Sept. 27, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

BEIRUT (AP) — Hezbollah leader Hassan Nasrallah has led the Lebanese militant group for the past three decades, transforming it into one of the most powerful paramilitary groups in the Middle East.

Israeli airstrikes Friday afternoon knocked out six buildings in Beirut’s southern suburb of Haret Hreik, the largest strike in the Lebanese capital in nearly a year of fighting between Israel and Hezbollah.

The Israeli military said the strike, which killed and wounded dozens of people, hit the headquarters of Hezbollah in Beirut. Three major Israeli TV channels said Nasrallah was the target of the strikes in Beirut’s southern suburbs, which has not been officially confirmed by Israel. Hezbollah officials did not comment.

Here’s a look at the leader:

Who is Hassan Nasrallah?

Under the leadership of the 64-year-old Nasrallah, Hezbollah has fought wars against Israel and taken part in the conflict in neighboring Syria, helping tip the balance of power in favor of President Bashar Assad.

An astute strategist, Nasrallah reshaped Hezbollah into an archenemy of Israel, cementing alliances with Shiite religious leaders in Iran and Palestinian militant groups such as Hamas.

Idolized by his Lebanese Shiite followers and respected by millions of others across the Arab and Islamic world, Nasrallah holds the title of sayyid, an honorific meant to signify the Shiite cleric’s lineage dating back to the Prophet Muhammad, the founder of Islam.

A fiery orator viewed as an extremist in the United States and much of the West, he is also considered a pragmatist compared to the militants who dominated Hezbollah after its founding in 1982, during Lebanon’s civil war.

Despite the power he wields, Nasrallah has lived largely in hiding for fear of an Israeli assassination.

How he rose to power

Born in 1960 into a poor Shiite family in Beirut’s impoverished northern suburb of Sharshabouk, Nasrallah was later displaced to south Lebanon. He studied theology and joined the Amal movement, a Shiite political and paramilitary organization, before becoming one of Hezbollah’s founders.

Hezbollah was formed by Iranian Revolutionary Guard members who came to Lebanon in the summer of 1982 to fight invading Israeli forces. It was the first group that Iran backed and used as a way to export its brand of political Islam.

Nasrallah built a power base as Hezbollah became part of a cluster of Iranian-backed factions and governments known as the Axis of Resistance.

Two days after its leader, 39-year-old Sayyed Abbas Musawi, was killed in an Israeli helicopter gunship raid in south Lebanon, Hezbollah chose Nasrallah as its secretary-general in February 1992.

Five years later, the United States designated Hezbollah a terrorist organization.

Under Nasrallah, Hezbollah was credited with leading the war of attrition that led to the withdrawal of Israeli troops from south Lebanon in 2000, after an 18-year occupation. Nasrallah’s eldest son, Hadi, was killed in 1997, fighting against Israeli forces.

After Israel’s withdrawal from southern Lebanon in 2000, Nasrallah rose to iconic status both within Lebanon and throughout the Arab world. His messages were beamed on Hezbollah’s own radio and satellite TV station.

That status was further cemented when, in 2006, Hezbollah fought Israel to a stalemate during the 34-day war.

When Syria’s civil war erupted in 2011, Hezbollah fighters rushed in, siding with Assad’s forces — even though Hezbollah’s popularity took a dive as the Arab world ostracized Assad.

Nasrallah’s role in the current conflict

A day after the Israel-Hamas war started on Oct. 7, Hezbollah began attacking Israeli military posts along the border calling it a “backup front” for Gaza.

In speeches throughout the conflict, he has argued that Hezbollah’s cross-border strikes had pulled away Israeli forces that would otherwise be focused on Hamas in Gaza and insisted that Hezbollah would not halt its attacks on Israel until a cease-fire is reached in Gaza.

Nasrallah has maintained a defiant tone, even as tensions rose dramatically in recent weeks with Israel announcing a new phase in the conflict intended to push Hezbollah back from the border to allow thousands displaced from northern Israel to return.

Israel launched strikes killing top military commanders with the group and was blamed for the explosion of thousands of communications devices, mainly used by Hezbollah members, that killed 37 people and wounded thousands.

SAN SALVADOR, El Salvador (AP) — U.S. Peace Corps volunteers returned to El Salvador Friday for the first time since the American force left in 2016 because of violence in the Central American country.

It was the latest sign of a thaw in U.S. relations with El Salvador, whose President Nayib Bukele was once shunned because of his harsh crackdown on street gangs.

It was also a sign of how much Bukele’s widespread arrests of suspected gang members – which also jailed a considerable number of apparently innocent young men – has reduced the country’s once-fearsome homicide rate.

The Peace Corps said the first nine volunteers would work on community economic development, education, and youth initiatives. All nine had previously worked two-year stints in other Central American countries.

“Today is not just a celebration, it’s a commitment to continue building on the decades-long partnership with the people of El Salvador,” said Peace Corps Director Carol Spahn.

More than 2,300 Peace Corps Volunteers had worked in El Salvador since 1962. The Peace Corps volunteers left after El Salvador’s gang-fueled homicide rate reached a high of 106 murders per 100,000 inhabitants on 2015. That year there were 6,658 killings in the country of 6.3 million.

Under a state of emergency originally declared in 2022 and still in effect, Bukele’s government has rounded up about 81,900 suspected gang members in sweeps that rights groups say are often arbitrary, based on a person’s appearance or where they live. The government has had to release about 7,000 people because of a lack of evidence.

In July, the human rights organization Cristosal said at least 261 people have died in prisons during the crackdown.

While the government is accused of committing mass human rights abuses in the crackdown, Bukele remains highly popular in El Salvador because homicide rates sharply dipped following the detentions. The Central American nation went from being one of the most dangerous countries in the world to having the lowest homicide rate in the region.

In all of 2023, the country saw only 214 homicides, and 116 so far in 2024.

Bukele rode that popularity into reelection in February, despite the country’s constitution prohibiting second terms for presidents. The United States did not object and sent a high-level delegation to his inauguration for a second term.

The Canadian Press. All rights reserved.