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

  • 'We want no part of it' : U.S. airlines refuse to transport migrant kids separated from parents

    Economic CBC News
    Major U.S. airlines are telling the White House that they don't want to participate in any transportation of migrant children who have been separated from their parents at border crossings. In a statement Wednesday, American Airlines said it doesn't know whether any migrant children have been on its flights, but it doesn't want to profit from the current immigration policy of separating families. Source
  • The Mouse chases the Fox: Disney makes $71B US counteroffer for Twenty-First Century Fox

    Economic CBC News
    The mouse is chasing the fox. Disney is offering more than $71 billion US for Fox's entertainment businesses in a counterbid to Comcast's nearly $66 billion US offer . The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms. Source
  • Canadian steel not a national security threat on its own: U.S. commerce secretary

    Economic CTV News
    OTTAWA -- The U.S. commerce secretary says Canada is not a national security threat and that a revitalized NAFTA could make the Trump administration's tariffs on steel and aluminum go away. Wilbur Ross also acknowledged Wednesday that the U.S. Source
  • PayPal blocks sales of school shooting video game

    Economic CTV News
    HARTFORD, Conn. -- The developer of a school shooting video game condemned by parents of slain children has lost the ability to sell its products online after being dumped by PayPal. Acid Software said Tuesday that purchases of "Active Shooter" were "temporarily disabled" as its representatives tried to resolve the issues with PayPal. Source
  • Aurora Cannabis to spin off U.S. holdings to publicly traded Australis Capital

    Economic CTV News
    EDMONTON -- Aurora Cannabis Inc. is planning to spin off its Australis Capital subsidiary as a separate entity that would focus primarily on investing in the U.S. cannabis and real estate sectors. The spin-off will be achieved by distributing shares and warrants of the new company -- to be listed on the Canadian Security Exchange. Source
  • Fed chair signals gradual rate hikes in tame inflation era

    Economic CTV News
    WASHINGTON -- The U.S. Federal Reserve will likely keep raising short-term interest rates at only a gradual pace, Fed chair Jerome Powell said Wednesday, partly because there are few signs, so far, that the ultra-low U.S. Source
  • Amazon, Buffett, JPMorgan pick Gawande to lead health firm

    Economic CTV News
    Amazon, JPMorgan Chase and Berkshire Hathaway have picked well-known author and Harvard professor Dr. Atul Gawande to transform the health care they give their employees. The three corporate titans said Wednesday that Gawande will lead an independent company focused on a mission they announced earlier this year: figuring out ways to improve a broken and often inefficient system for delivering care. Source
  • U.S. congressional committee hearing on current and proposed tariff actions LIVE

    Economic CBC News
    Contact CBC Audience Relations, CBC P.O. Box 500 Station A Toronto, ON Canada, M5W 1E6 Toll-free (Canada only): 1-866-306-4636 TTY/Teletype writer: 1-866-220-6045Contact Us Source
  • Employers now face a time crunch on pot policy

    Economic CTV News
    Employers across Canada are grappling with the new reality of recreational marijuana becoming legal following the passage of Bill C-45 in the Senate. The pending change will mean decades-old workplace policies on the drug will need to be adjusted, and new safety concerns considered. Source
  • Canadian pot company spins out U.S. assets into separate company to stay on right side of law

    Economic CBC News
    Canada's second largest cannabis company plans to place its U.S. assets into a new separate company that will focus on investing in the cannabis and real estate sector there. TSX-listed Aurora Cannabis said Wednesday it plans to distribute units of its subsidiary Australis Capital Inc. Source