Markets go negative despite higher commodities

TORONTO -- North American equity markets turned negative Wednesday, unable to sustain the strong rallies of the previous day despite higher commodity prices and an encouraging report on the U.S.

See Full Article

jobs market.

At mid-afternoon, the Toronto Stock Exchange's S&P/TSX composite index was down 18.01 points at 12,964.09 as Canada's main market faltered after a 121-point gain on Tuesday.

In New York, indexes were also weak despite a report from payroll processor ADP that private American employers added a healthy 214,000 jobs in February.

The Dow Jones industrial average was down 10.28 points at 16,854.80 while the broader S&P 500 added just 0.96 of a point to 1,979.31 and Nasdaq composite shed 5.15 points to 4,684.45.

On commodity markets, the April contract for benchmark U.S. crude edged up three cents to US$34.43 a barrel, while April gold added $11.10 to US$1,241.90 a troy ounce and copper rose three cents to US$2.17 a pound. April natural gas was down four cents at US$1.70 per mmBtu.

The Canadian dollar declined 0.18 of a U.S. cent to 74.37 cents US. That came as the greenback strengthened against most major currencies amid renewed expectations of a rate hike by the Federal Reserve as a result of recent indications of strength in the U.S. economy.

Overseas, Germany's DAX climbed 0.6 per cent and France's CAC added 0.4 per cent, while Britain's FTSE 100 slipped 0.1 per cent after asset manager BlackRock warned that if the U.K. votes to leave European Union, the economy will be "worse off."

In Asia, a weak yen added to investor optimism, sending Japan's benchmark Nikkei 225 up 4.1 per cent while Hong Kong's Hang Seng added 3.1 per cent.



Advertisements

Latest Economic News

  • Why do you need a pet insurance, right here, right now

    Economic 24news
    Many Canadians would consider their pets as a part of their immediate, granular, family. Although some professionals think it’s not healthy, that’s the way life is in the twenty first century; There is a steep decline in the birth rate globally, with Japan leading the pack, and pets are filling in the void.
  • 'Explosive' U.S. oil output growth seen outpacing Saudis, Russia

    Economic CBC News
    U.S. oil production is booming and is forecast to top that of heavyweight Saudi Arabia and rival Russia this year, a global energy agency said Friday. The International Energy Agency said in its monthly market report that U.S. Source
  • Statistics Canada says manufacturing sales hit record high in November

    Economic CBC News
    Canadian manufacturing sales hit a record high in November, driven by sales of transportation equipment, petroleum and coal products and the chemical industry, Statistics Canada said Friday. The agency said manufacturing sales climbed 3.4 per cent to $55.5 billion. Source
  • Tilray inks deal with Shoppers Drug Mart to sell medical cannabis — if Feds give OK

    Economic CBC News
    Licensed marijuana producer Tilray Canada Ltd. has signed a deal to become a medical cannabis supplier to Shoppers Drug Mart. Subject to Health Canada's approval of Shoppers Drug Mart's application to dispense medical marijuana, Tilray will supply the retailer with Tilray branded medical cannabis products. Source
  • Amazon boosts monthly Prime membership fees by 20 per cent

    Economic CTV News
    NEW YORK -- Amazon is raising the price of its Prime membership monthly plan by nearly 20 per cent. The fee of US$99 for an annual membership will not change, the company said Friday. The online retailer had added the monthly payment option about two years ago as a way to hook shoppers -- especially during the holiday season -- who wanted faster free shipping, but didn't want to commit to an annual fee. Source
  • Manufacturing sales hit record high in November: Statistics Canada

    Economic CTV News
    OTTAWA -- Statistics Canada says manufacturing sales rose 3.4 per cent to a record high of $55.5 billion in November. The agency says the gain was mainly due to higher sales in the transportation equipment, petroleum and coal product and chemical industries. Source
  • Coke vows to cut waste over global 'packaging problem'

    Economic CTV News
    ATLANTA -- Recognizing a global waste problem, Coca-Cola will attempt to collect and recycle a bottle or can for every one that it sells within 12 years. CEO James Quincey says The Coca-Cola Co. Source
  • An Amazon HQ in Toronto makes sense — but what about Trump?

    Economic CBC News
    Amazon.com Inc's inclusion of Canada's largest city on a list of 20 finalists for a massive new campus could escalate tensions between the tech giant and U.S. President Donald Trump. Amazon said on Thursday that Toronto and 19 U.S. Source
  • Stocks rise despite looming U.S. government closure

    Economic CTV News
    HONG KONG -- Stock markets rose Friday as investors looked past the threat of a U.S. federal government shutdown and focused on a strong underlying economy. The price of oil fell on a report saying U.S. Source
  • Amazon rejection a wake-up call for Calgary's high-tech hopes

    Economic CBC News
    Considering Calgary's size, Jay Gohill didn't think his city had much of a chance to land Amazon's coveted second headquarters. For Gohill's tech company, it's probably a good thing. He's president of Arcurve, a software company with 65 employees in Calgary and Houston with clients in energy, transportation and health, among other industries. Source