N. American markets bounce back, led by energy and mining stocks

TORONTO -- North American equity markets were solidly higher Thursday, with beaten down energy and mining stocks helping lead the way despite a continuing decline in commodity prices.

See Full Article

In mid-afternoon trading, the S&P/TSX composite index was up 118.45 points at 13,056.04, adding to a meagre 15-point gain Wednesday after Canada's main index tumbled more than 430 points earlier in the week.

Weakness in the loonie continued, however, with the Canadian dollar down 0.26 of a cent to 73.46 cents U.S.

In New York, indexes also turned higher following a three-day losing streak. The Dow Jones shot up 162.05 points to 17,654.35, while the S&P 500 added 15.32 points to 2,062.94 and the Nasdaq rose 43.13 points to 5,066.00.

On commodity markets, the January contract for benchmark oil was down 40 cents at US$36.76 a barrel, contributing to the loonie's weakness, while January natural gas gave back almost five cents to US$2.015 per mmBtu and February gold lost $4.50 to US$1.072.00 an ounce.

Despite the uptick on Thursday, markets remain cautious amid concern over the global economic slowdown and uncertainty over whether the U.S. Federal Reserve will raise interest rates for the first time since the Great Recession when it meets next week.

Historically low rates near zero are considered a major factor in supplying the liquidity that has helped boost markets since the recession. But many in the market now see a move higher as a good thing, signalling that the Fed believes the U.S. economic recovery is on solid footing and will continue.

In economic news, the Labor Department said applications for unemployment benefits in the U.S. rose last week, but the number of Americans seeking aid remains close to historic lows.

The Fed has said the U.S. employment picture is a major factor in its decision.


Latest Economic News

  • BlackBerry rolls out new DTEK60 smartphone designed by partner company

    Economic CTV News
    TORONTO -- BlackBerry released on Tuesday its second smartphone designed and built externally, the latest development in the company's push away from manufacturing handsets as it focuses more on its security software. The DTEK60, designed and manufactured by TCL Corp. Source
  • Nissan hiring 300 to develop common connected car technology

    Economic CTV News
    YOKOHAMA, Japan -- The top executive overseeing connected vehicles at Nissan and Renault believes the benefits of developing a common technology for connectivity within the Japanese and French auto partnership outweigh the risks of sustaining huge damage from a possible defect or cyberattack. Source
  • Troubled Italian bank unveils overhaul plan to stay afloat

    Economic CTV News
    MILAN -- Troubled Italian bank Monte dei Paschi di Siena unveiled Tuesday a restructuring plan that will include new management, thousands of job cuts, hundreds of branch closings and the disposal of soured loans in a bid to entice investors to inject up to 5 billion euros ($5.5 billion) in new capital. Source
  • U.K. to decide on new airport runway in crowded London

    Economic CTV News
    LONDON -- Britain's government is expected Tuesday to back a plan to expand London's Heathrow airport despite concerns about air pollution, noise and the destruction of homes in the capital's densely populated western neighbourhoods. Transport Secretary Chris Grayling will inform Parliament of the government's decision on how to expand London's airport capacity. Source
  • Ont. electricity system operator reports $80M loss after accounting change

    Economic CTV News
    TORONTO -- Ontario's efforts to ease the upward pressure on electricity rates has been dealt a setback by a change in accounting practices. In the government's public accounts for 2015-16, the Independent Electricity System Operator reported a "previously unrecognized actuarial loss and past service costs" of just over $80 million. Source
  • Asian stocks mixed after manufacturing reports offset by weak South Korea data

    Economic CTV News
    SEOUL, South Korea -- Asian stocks were mixed on Tuesday as upbeat reports on manufacturing in the U.S. and Europe were followed by weak growth data from South Korea, Asia's fourth-largest economy. KEEPING SCORE: Japan's Nikkei 225 rose 0.7 per cent to 17,354.68 while South Korea's Kospi fell 0.5 per cent to 2,036.86. Source
  • Global stocks mostly rise on upbeat economic data

    Economic CTV News
    SEOUL, Korea, Republic Of -- Global stocks mostly rose Tuesday amid upbeat economic reports and relatively strong corporate earnings. KEEPING SCORE: Britain's FTSE 100 added 0.4 per cent to 7,015 while France's CAC 40 gained 0.1 per cent to 4,555. Source
  • Galaxy Note recall, Hyundai strike hurting South Korea's economy

    Economic CTV News
    SEOUL, South Korea -- South Korea's third-quarter economic growth has slipped to its lowest level in more than a year, with Samsung's Galaxy Note 7 recall having an impact. The country's central bank said Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. Source
  • Figuring out actual benefits of federal spending could take years: Poloz

    Economic CTV News
    OTTAWA - The Bank of Canada governor says it could take years of sifting through data before economists will know the actual impact of today's federal spending measures aimed at boosting the weak economy. Stephen Poloz made the comments Monday during testimony before the House of Commons finance committee. Source
  • Toronto lawyer Galati files constitutional challenge against EU trade deal

    Economic CTV News
    OTTAWA -- The Toronto lawyer who successfully challenged the previous Conservative government over one of its Supreme Court judge nominees is setting his sights on a new target: Canada's free trade deal with the European Union. Source