Business
TSX falters
TSX falters
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX falters\n\nMetals groups weighs market down\n\n May 4, 2010 (Baystreet.ca) -- Bay Street lost ground Tuesday in line with most global markets, as traders seemed apprehensive that the announced bailout package for Greece would suffice to prevent the debt crisis from spreading to other European countries. The S&P/TSX composite index slumped 165.65 points, or 1.4%, to end the day at 12,030.86.Energy and base metal stocks fell the most, while gold stocks bucked the downtrend and ended higher for the ninth session in 10 days.The energy sector fell 2.1%. Canadian Oil Sands Trust lost 4.15% to $29.77 and Pacific Rubiales Energy shed 5.19% to $21.75In the base metal sector, Teck Resources (TCK_B.TO) dropped 4% to $37.25 and Quadra Mining surrendered 7.5% to $13.74.Among gold stocks, Barrick Gold added 1.3% to $43.90 and Goldcorp rose 1.6% to $43.86.The Canadian dollar plummeted 1.43 cents to 97.54 cents U.S. ON BAYSTREET All but one of the 14 TSX subgroups were lower on the day. Metals and mining stocks were the worst off, dropping 4.3%, followed by cousins in the global base metals sector, off 3.5%, while energy stocks skidded 2.1%.The lone gainer was gold, up 0.4%. The TSX Venture Exchange dropped 43.13 points to 1622.41, while the Nasdaq Canada index backpedaled 26.12 points to 763.44. ON WALLSTREETIn New York, stocks tumbled Tuesday on worries that the global recovery could suffer if Europe's efforts to contain Greece's debt problems don't succeed, and if China's efforts to slow its booming economy go too far.The Dow Jones industrial average collapsed 225.06 points, or 2%,to 10,926.77. The decline was the average's biggest one-day point drop since February 4.The S&P 500 index slipped 28.66 points to 1,173.60. The Nasdaq composite index stumbled 74.49 points to 2,424.25. Stocks rallied Monday after European leaders agreed to provide Greece with $146 billion U.S. in loans over three years -- with promises of the first payment due to arrive ahead of a key May 19 deadline, when the nation owes over $11 billion U.S. The Greek bailout package, funded jointly by the European Union and the International Monetary Fund, seemed to set a template for other bailouts, should they be needed. Greece is one of the so-called PIIGS -- five European nations with heavy debt loads that investors fear could destabilize the euro and slow global growt...