Gold up, metals slides
The S&P/TSX composite index fell into the red 22.83 points to close Thursday at 15,203.51, after a surge of 145 points on Wednesday.
The Canadian dollar slipped
Still, the Canadian benchmark index has gained about 12% this year, driven by a rally in shares of oil and gas companies and gold miners.
The market had been positive for much of the morning in the wake of a strong earnings report from Canadian Pacific Railway.
Canadian Pacific posted second-quarter net income of
CP's results also gave a lift to rival
The gold sector gained as Barrick Gold gained
Loblaw Companies says
Most TSX sectors turned lower with the energy sector off as oil prices continued to benefit from data released Wednesday showing a much larger than expected drawdown of U.S. inventories last week. Imperial Oil gave back
The metals and mining sector was lower even as September copper in
On the economic front, Statistics Canada reported this morning that foreign investors bought up
All but three of the 14 Toronto subgroups were lower by Thursday's end. Global base metals trailed Thursday's close by 1.4%, energy by 1.3% and the metals and mining sector dropped 1.1%.
The three gainers were gold, up 2.3%, materials, charging ahead 1.2%, and industrials, up 0.3%.
A plane crash in
The Dow Jones Industrials plummeted 161.39 points to 16,976.81.
The S&P 500 skidded 23.45 points to 1,958.12, and the NASDAQ composite tumbled 62.52 points to 4,363.45
What is known is that a
Microsoft announced a staggering 18,000 job cuts to come this morning. The move signals that new CEO
In other tech news, flash drive maker Sandisk took a 14% drop. The company flourished on earnings and revenue this quarter, but that wasn't enough to satisfy
Barbies and Hot Wheels aren't entertaining kids like they used to. Mattel saw tepid growth that was far less than
One bright spot for the company is American Girl doll sales, though it's a small part of the company's business.
After rejecting an
Insurer UnitedHealth Group put out good results for the quarter, with earnings and revenue that beat expectations in all categories based on growth from all its business units and higher enrollments. The stock gained.6%.
A host of other insurance stocks are also up today. Humana was up 4.7%, Aetna was up 3% and WellPoint shares traded 2.3% higher.
Morgan Stanley, the last big American bank to report earnings this quarter, did better than
Economically speaking, the
Meantime, the number of housing starts and building permits issued in June declined 9.3% to a seasonally adjusted annual 893,000 million unit-pace, the lowest since September.That word from the
Economists polled by Reuters had forecast starts rising to a 1.02 million-unit rate last month.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.48% from Wednesday's 2.54%. Treasury prices and yields move in opposite directions.
Oil prices shot up
Gold prices hiked
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