Business
Markets rosy at Thursday bell
Markets rosy at Thursday bell
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nMarkets rosy at Thursday bell\n\nG20 pitches in\n Apr. 2, 2009 (Baystreet.ca) -- 10:20 am EST\nStock markets are higher amid hopes that the G20 conference in London will make progress in fighting the economic downturn and an important change to U.S. accounting rules that could provide a boost to damaged banks' balance sheets.The S&P/TSX Composite Index leaped to life at Thursday's opening bell, gaining 147.29 points in the first half-hour to 9,089.11Investors also took in huge job losses at transportation giant Bombardier Inc. The Montreal-based company is cutting 10% or 3,000 of its workers from its aerospace division as the firm reduces business and regional jet production outlook for the coming year.On the economic front, Bank of Canada Governor Mark Carney, who won support from Prime Minister Stephen Harper to implement extraordinary monetary measures, is likely to say policy makers are ready to buy commercial paper and other corporate debt to spur the economy, and create new money to pay for it. Carney, who has almost run out of room to cut interest rates, said he'll detail rules on April 23 for how so-called quantitative and credit easing policies would work. They may include plans for purchases of corporate debt, including commercial paper, if needed to boost the economy. The Canadian dollar was up nearly a full cent at 80.24 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, all but two were positive. Metals and mining was again the leader, picking up 5.5%, followed by energy, up 3.8% and industrials, ahead 3.3%. Gold was one of two losing groups, down 5%, the other being materials, off 2.4% The TSX Venture Exchange down 1.61 to 968.49 while the Nasdaq Canada Index added 19.75 points to 488.76ON WALLSTREETThe Dow Jones Industrials average powered out of the blocks to gain 165.77 points, to sit at 7,927.27The S&P 500 index gained 18.77 points to 829.85, while the Nasdaq picked up 34.21 points to 1,585.81. Economically speaking, readings helped boost hopes that the U.S. is getting past the worst of its economic downturn. Meanwhile, a report on Wednesday showed auto sales plunged in March, but rose from February levels, leading to suggestions that the industry has bottomed. The weekly report for initial jobless claims and the February factory orders index are on tap Thursday. The government said that 669,000 people ...