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.



Advertisements

Latest Economic News

  • China stocks fall after rating cut as other Asian markets post gains

    Economic CTV News
    BEIJING - Chinese stocks sank Wednesday after Moody's cut Beijing's government debt rating and other Asian markets rose following Wall Street's advance. KEEPING SCORE: The Shanghai Composite Index lost 0.6 per cent to 3042.24 points and Hong Kong's Hang Seng shed 0.1 per cent to 25,369.93. Source
  • Moody's cuts China rating over rising debt, slowing growth

    Economic CTV News
    BEIJING - China has criticized a decision by the Moody's rating agency to cut its rating for Chinese government debt and defended Beijing's finances and economic reforms. A finance ministry statement complained Moody's used "inappropriate methods" when it cut Beijing's credit rating and overestimated the scale of its economic difficulties. Source
  • Alberta government introduces bill to cap electricity rates to stop price spikes

    Economic CTV News
    EDMONTON -- Electricity rates in Alberta would be capped under legislation the provincial government introduced Tuesday, a move it says will protect customers from major price spikes. The government says the four-year cap of 6.8 cents per kilowatt hour is expected to be in place by June 1. Source
  • Toronto stock index climbs on banks, industrials

    Economic CBC News
    Canada's main stock index eked out a moderate gain Tuesday as financial stocks got a boost ahead of Canadian bank earnings this week. The Toronto Stock Exchange's S&P/TSX composite index climbed 18.48 points to 15,476.94, also helped by a rise in industrials and utilities stocks. Source
  • CFO of Soup Nazi-inspired company indicted on tax charges

    Economic CTV News
    NEW YORK -- The chief financial officer for a company licensing recipes from the real-life chef who inspired the "Soup Nazi" character on "Seinfeld" has been arrested on tax charges alleging he cheated the government out of a half million dollars. Source
  • Some diesel Dodge Ram pickups and Jeep Grand Cherokees cheat emissions tests, U.S. says

    Economic CBC News
    The U.S. government is suing Fiat Chrysler, alleging that some diesel pickup trucks and Jeep SUVs cheat on emissions tests. The lawsuit filed Tuesday by the Justice Department marks the second time the government has gone after an automaker alleging use of software on diesel engines that allows them to emit more pollution on the road than during Environmental Protection Agency lab testing. Source
  • US Justice Department files Chrysler emissions cheating lawsuit

    Economic Toronto Sun
    DETROIT — The U.S. government is suing Fiat Chrysler, alleging that some diesel pickup trucks and Jeep SUVs cheat on emissions tests. The lawsuit filed Tuesday by the Justice Department marks the second time the government has gone after an automaker alleging use of software on diesel engines that allows them to emit more pollution on the road than during Environmental Protection Agency lab testing. Source
  • OPEC set to prolong oil output cuts by nine months

    Economic CBC News
    OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's top producer, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. Source
  • U.S. says Fiat Chrysler used software to beat emissions tests

    Economic CTV News
    DETROIT -- The U.S. government is suing Fiat Chrysler, alleging that some diesel pickup trucks and Jeep SUVs cheat on emissions tests. The lawsuit filed Tuesday by the Justice Department marks the second time the government has gone after an automaker alleging use of software on diesel engines that allows them to emit more pollution on the road than during Environmental Protection Agency lab testing. Source
  • Are 30-somethings earning more than their parents? StatsCan study says yes

    Economic CTV News
    OTTAWA -- A new study from Statistics Canada says that Canadian children have, on average, fared better financially than their parents. The research published today finds that of Canadians who turned 30 between 2000 and 2014, between 59 and 67 per cent -- depending on the year -- had a family income that was equal to, or greater than what their parents earned at the same age. Source