Enbridge pipeline controversy continues
The S&P/TSX composite index stayed positive 18.45 points to greet noon at 15,074.34.
The Canadian dollar was down
But Enbridge still needs to cross a number of federal and provincial regulatory hurdles, fight a bevy of legal battles launched by opponents and win over communities along the proposed route.
Opponents of the pipeline, including B.C. aboriginal groups, are vowing that it will never be built, despite the go-ahead from the federal government.
A Canadian company that supplies crews of skilled workers says the federal government's approval of the Northern Gateway pipeline will create as many as 3,000 new construction jobs.
Gold stocks ruled the roost on the TSX, with Allied Nevada shining
On the economic front, Statistics Canada told us that wholesale trade rose 1.2% to
All but four of the 14 Toronto subgroups were pointed upward, most notably gold, gaining 1.5%, while materials took on 1.2% and information technology gathered 0.8%.
The four laggards were weighed mostly by consumer staples and health-care issues, each off 0.3%, while industrials were 0.2% to the bad.
Stocks are down modestly in early afternoon trading, with the impending announcement by the U.S. Federal Reserve on everyone's radar screens.
The Dow Jones Industrials shed 36.21 points to 16,772.28
The S&P 500 faltered 1.04 points to 1,940.95, and the NASDAQ composite slipped 5.87 points to 4,331.36
BlackBerry popped after the struggling smartphone maker announced that the Amazon Appstore will be available on its new operating system that's launching in the fall. The move significantly expands the number of apps available to Blackberry users.
BlackBerry is in the midst of trying to execute a turnaround, and lately, investors have seemed please. The stock is up 15% in the past month, though it is still down almost 45% for the past year.
Still with Amazon, the tech giant will be in the spotlight today when its CEO
Adobe spiked around 8% after reporting better-than-expected quarterly results Tuesday evening. The company, which is behind the popular Photoshop software, said revenue in the period was driven by the acceleration of its cloud business.
FedEx has finally stopped blaming the weather. The company released strong earnings Wednesday and shares got a nice lift over 4.5%. That was compared to last quarter, when FedEx claimed that its operating income would have been
ConAgra Foods shares sunk after the company cut its profit outlook for the three months ending in May, citing challenges from some of its retail brands, including Chef Boyardee.
The key question today for investors is whether the Fed is likely to raise interest rates by the end of the year or wait until 2015.
It is widely expected that the Fed will reduce its asset purchase program by another
Prices for 10-year U.S. Treasuries improved, lowering yields to 2.63% from Tuesday's 2.66%. Treasury prices and yields move in opposite directions
Oil prices slipped
Gold prices faded
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Discounts Help U.S. Auto Sales Sizzle in July
- Recruiting and Keeping the Perfect Employee
- Russia, Ukraine Now Face Off Over Football Clubs
- Colorado Issuing Immigrant Driver's Licenses
- MassMutual Teams Up With ALPFA
- Chrysler U.S. Sales in July Hit 9-Year High
- Fiat Looks Abroad After Chrysler Merger Vote
- Dow Wipes Out Gains for the Year: What Happens Now?
- House Shelves Immigration Bill, Goes on Vacation