News Column

TSX rises amid gains in mining sector; U.S. data shows effects of severe winter

February 18, 2014

By Malcolm Morrison

TORONTO _ Mining stocks pushed the Toronto stock market higher amid data that showed severe winter weather had an impact on January economic data.

The S&P/TSX composite index gained 41.56 points to 14,096.32. The Canadian dollar moved up 0.15 of a cent from Friday's close to 91.2 cents US. Canadian banks and North American stock markets were closed yesterday for holidays.

U.S. indexes were mixed as the Empire State Manufacturing Index for February, a gauge of manufacturing activity in the U.S. Northeast, declined to a much worse than expected reading of 4.48 in February. That was down from 12.5 in January, with severe winter weather conditions likely playing a big part in the slide.

The Dow Jones industrials slipped 0.48 of a point to 16,153.91, the Nasdaq was 13.17 points higher to 4,257.19 while the S&P 500 index rose 2.87 points to 1,841.5.

Traders will also be digesting housing data this morning. The National Association of Home Builders' housing market index is expected to stay unchanged at the 56 mark for February.

Meanwhile, there was also major dealmaking in the pharmaceutical sector. Actavis PLC announced that is buying fellow drugmaker Forest Laboratories Inc. in a cash-and-stock deal worth about US$25 billion.

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Source: Canadian Press DataFile

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