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

  • Railway executive Hunter Harrison dead at 73

    Economic CTV News
    JACKSONVILLE,, United States -- Railroad executive Hunter Harrison has died. American railroad giant CSX announced the death of its current chief executive on Saturday, saying Harrison died in Wellington, Fla. He was 73. CSX says he died from "unexpectedly severe complications from a recent illness. Source
  • Railway exec Hunter Harrison dead at 73, remembered as 'transformational' figure

    Economic CTV News
    JACKSONVILLE,, United States -- Hunter Harrison, the plain-spoken, gruff American who rewrote the Canadian railroading book during his years heading both of this country's largest railways, has died. He was 73. CSX Corp., the American railroad Harrison began leading earlier this year, issued a statement on Saturday announcing his death. Source
  • Railway exec Hunter Harrison, known as 'transformational' businessman, dies at 73

    Economic CTV News
    JACKSONVILLE, United States -- Hunter Harrison, the plain-spoken, gruff American who rewrote the Canadian railroading book during his years heading both of this country's largest railways, has died. He was 73. CSX Corp., the American railroad Harrison began leading earlier this year, issued a statement on Saturday announcing his death. Source
  • Sears franchise owner plans to keep store going under new name

    Economic CTV News
    Even though the doors to his Sears franchise outlet will officially close on Monday, Karim Kassam says the store will go on, under a new name, of course. The longtime owner of the Sears Hometown store in Airdrie, Atla. Source
  • Bell says CRTC promise of free phone unlocking doesn't apply to everyone

    Economic CBC News
    Canadians were supposed to be freed from cellphone unlocking fees come Dec. 1, but some with a Bell-locked phone have found they've had to fight for their freedom. That's because the telecom giant will only unlock phones free of charge for current and former customers. Source
  • Inflammatory letter sheds light on Uber's alleged misconduct

    Economic CTV News
    SAN FRANCISCO -- A former Uber security specialist accused the company of dispatching a team of spies to steal its rivals' trade secrets and using shady tactics to thwart its competition in the ride-hailing market, according an inflammatory letter unsealed Friday by a federal judge. Source
  • Court denies WestJet's bid to toss harassment lawsuit filed by former worker

    Economic CTV News
    VANCOUVER -- WestJet has lost a bid to throw out of court a proposed class-action lawsuit that accuses the company of failing to provide a harassment-free workplace for women. Former flight attendant Mandalena Lewis sued WestJet (TSX:WJA) in the Supreme Court of British Columbia over allegations of gender-based discrimination, accusing her former employer of fostering a corporate culture that tolerates harassment against female employees. Source
  • Toronto stock index shows moderate gain in broad-based advance, loonie drops

    Economic CTV News
    TORONTO -- Canada's main stock index moved forward today in a broad-based advance, while those on Wall Street closed at record highs. The Toronto Stock Exchange's S&P/TSX composite index gained 25.52 points to 16,041.98, led by a double-digit jump in the worth of Linamar Corp. Source
  • Apotex founder Barry Sherman, wife found dead in Toronto home

    Economic CBC News
    Canadian pharmaceutical giant Apotex has confirmed its founder Barry Sherman and his wife, Honey, are dead, amid reports that two bodies were found in their Toronto home. "All of us at Apotex are deeply shocked and saddened by this news and our thoughts and prayers are with the family at this time," the company said in a statement late Friday afternoon, adding that the deaths were "unexpected. Source
  • Apotex founder Barry Sherman and wife found dead in Toronto home

    Economic CBC News
    Canadian pharmaceutical giant Apotex has confirmed its founder Barry Sherman and his wife, Honey, are dead, amid reports that two bodies were found in their Toronto home. "All of us at Apotex are deeply shocked and saddened by this news and our thoughts and prayers are with the family at this time," the company said in a statement late Friday afternoon, adding that the deaths were "unexpected. Source