Oil Prices Recover
biggest market rose on Thursday after falling to a fresh two-and-a-half-year low, as a rally in crude oil prices helped support energy stocks, while losses were unwound for financial stocks.
The S&P/TSX composite index faded 17.06 points to greet noon at 12,153.35
The Canadian dollar skidded 0.14 cents to 69.56 cents
The TSX has fallen 6% in the first two weeks of 2016 as a deep slump in oil prices weighed on the resource-linked market. It fell 11% during 2015, its worst year since the global financial crisis of 2008
Energy stocks rose, helped by the rally in oil.
Enbridge rose 3.2% to $44.20, while Canadian Natural Resources was up 1.7% at $25.15.
Financials were little changed as Royal Bank of Canada fell 0.4% to $68.90 and Toronto-Dominion Bank declined 0.5% to $51.25.
Magna International Inc fell 2% to $50.64, reversing much of Wednesday's rally when the company said it expected sales in its auto parts manufacturing business to rise about 15.7% this year.
Air Canada was down 7% at $8.30.
Eldorado Gold Corp fell 0.8% to $3.58.
has asked the miner to reverse its decision to halt much of its Greek mining operations and safeguard jobs as a condition for the two parties to continue talks on the country's biggest foreign investment.
On the economic slate, Statistics Canada said its New Housing Price Index rose 0.2% in November, following a 0.3% increase in October. November's gain was mostly due to higher prices in the combined region of
as well as
The TSX Venture Exchange dropped 4.79 points to 490.93.
All but four of the 13 TSX subgroups as gold dropped 3.4%, materials faded 1.7%, and real-estate slipped 0.8%.
The four gainers were led by energy, up 0.9%, metals and mining, gaining 0.6%, and consumer staples, advancing 0.5%.
stocks traded higher Thursday, attempting to stabilize after a steep selloff, helped by some recovery in oil prices and comments from Federal Reserve
The Dow Jones industrial average leaped 214.46 points, or 1.3%, to 16,365.87, after a plummet Wednesday of more than 300 points. Chevron and Exxon Mobil contributed the most to gains.
The S&P 500 gained back 19.48 points, or 1%, to 1,909.76, topping the psychologically-key level of 1,900 in intraday trade as the energy sector traded more than 2.5% higher.
The NASDAQ index recouped 61.39 points, or 1.4%, to 4,587.66,
Supporting gains was a rally in shares of JPMorgan Chase after the banking giant reported net income of $5.4 billion
, earnings per share of $1.32
, on revenue of $23.7 billion
, beating estimates.
Economically speaking, weekly
jobless claims rose to 284,000.
Moreover, December import prices fell 1.2%, for a sixth-straight month of declines as the cost of petroleum and a range of other goods fell further, suggesting a tame inflation environment could persist in the near term.
Prices for the 10-year Treasury slumped, raising yields to 2.1% from Wednesday's 2.07%. Treasury prices and yields move in opposite directions.
Oil prices surged 73 cents a barrel to $31.21
Gold prices retreated $16.66 to $1,076.93
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