TSX post-Christmas slump drags on as oil prices fall

TORONTO -- The Toronto stock market posted a triple-digit loss on the second day of a post-Christmas slump as oil prices fell.

See Full Article

The S&P/TSX index ended the day down 103.34 points at 13,142.41, after losing 64 points on Tuesday when traders returned after the Boxing Day holiday.

New York markets were also lower on weak volume ahead of the New Year's Day holiday on Friday.

The Dow Jones average fell 117.11 points to 17,603.87, while the broader S&P 500 dropped 15 points to 2,063.36 and the Nasdaq lost 42.09 points to 5,065.85.

In commodities, the February contract for benchmark oil fell $1.27 to settle at US$36.60 a barrel, February natural gas retreated 15.6 cents to US$2.214 per mmBtu and February gold fell $8.20 to US$1,059.80 an ounce.

The Canadian dollar also fell after several sessions of marginal gains, dropping 0.32 of a cent to 72.02 cents U.S.



Advertisements

Latest Economic News

  • Nortel Canada to start paying billions to creditors

    Economic CBC News
    Nortel Canada's long-suffering creditors will finally begin to receive their share of more than US$4 billion to be distributed under a plan approved in January, eight years after the former technology titan began bankruptcy proceedings. Nortel Networks Corp. Source
  • Nortel Canada to start paying billions to creditors; first instalment by July

    Economic CTV News
    TORONTO - Nortel Canada's long-suffering creditors will finally begin to receive their share of more than US$4 billion to be distributed under a plan approved in January, eight years after the former technology titan began bankruptcy proceedings. Source
  • Que. construction strike: Day 3 kicks off with little to show at bargaining table

    Economic CTV News
    MONTREAL -- There is little progress to report at the table as Quebec's construction strike enters Day 3. Eric Cote, a spokesman for one association of employers, says negotiations resumed late Thursday and that representatives for his group emerged early today suggesting they were a waste of time. Source
  • Ford's ex-CEO leaves company with $51.1M US

    Economic CBC News
    Ford's former CEO Mark Fields is leaving the company with an estimated $51.1 million US in cash, stock awards and pension benefits. Fields, 56, retired earlier this week after three years as CEO. Ford made record profits during his tenure but its stock price dropped nearly 40 per cent on investors' concerns about the company's future. Source
  • Ford's ex-CEO leaves company with US$51.1 million

    Economic CTV News
    DETROIT -- Ford's former CEO Mark Fields is leaving the company with an estimated US$51.1 million in cash, stock awards and pension benefits. Fields, 56, retired earlier this week after three years as CEO. Source
  • Rising program expenses propel fed 2016-17 deficit to $21.8B: preliminary estimate

    Economic CBC News
    A preliminary analysis of the federal books suggests the government ran a 2016-17 deficit of $21.8 billion to put the Liberals close to their projection for the fiscal year. The Trudeau government's spring budget projected a shortfall of $23 billion for the fiscal year, without counting a $3-billion risk adjustment added to the accounting framework. Source
  • Feds run $21.8B deficit in 16-17, putting them close to target: early analysis

    Economic CBC News
    A preliminary analysis of the federal books suggests the government ran a 2016-17 deficit of $21.8 billion to put the Liberals close to their projection for the fiscal year. The Trudeau government's spring budget projected a shortfall of $23 billion for the fiscal year, without counting a $3-billion risk adjustment added to the accounting framework. Source
  • U.S. GDP reading for start of year revised upward, but still weak

    Economic CBC News
    The U.S. economy started 2017 out with a whimper, but it wasn't quite as weak as first thought. The government revised up its January-March growth reading to a rate of 1.2 per cent — better than an earlier estimate of 0.7 per cent but well below President Donald Trump's ambitious growth targets. Source
  • BlackBerry expecting US$940 million in Qualcomm dispute resolution

    Economic CTV News
    WATERLOO, Ont. -- BlackBerry Ltd. (TSX:BB) says it will receive US$940 million from Qualcomm by May 31 to settle a dispute over royalty payments. An arbitrator sided with BlackBerry in April, and announced an interim award of US$814.9 million plus additional amounts for interest and legal fees. Source
  • World shares weaken ahead of G7 meeting; oil bottoms out

    Economic CTV News
    HONG KONG -- World stock markets weakened Friday as investors awaited the upcoming G-7 summit and oil prices rebounded somewhat as markets shook off initial disappointment over a production cut deal. KEEPING SCORE: European shares opened lower, with France's CAC 40 down 0.8 per cent to 5,297.13 and Germany's DAX lost 0.5 per cent to 12,561.85. Source