Business
Dubai worries weigh on markets
Dubai worries weigh on markets
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[{"type":"text","content":"\nDubai worries weigh on markets\n\nMetals weigh on TSX\n Nov. 27, 2009 (Baystreet.ca) -- Toronto stocks could continue to see weakness on Friday morning as worries over Dubai's debt problems drove commodities sharply lower. \n\nIn the first half-hour of trading, the S&P/TSX Composite Index found itself down 17.40 points to 11,419.40, after Thursday's 200-point tumble. \n\nGold prices are down, while copper has plunged 10.7 cents to $3.0965 U.S. Things aren't any better in the oil pits as crude has dropped sharply. \n\nGlobal markets are falling after Dubai asked to postpone payments on $60 billion U.S. in debt until May.\n\nIn corporate news, Wireless services provider WebTech Wireless Friday said it has reduced its full-time workforce by over 10% and adopted other cost-saving measures.\n\nThe Canadian dollar slid 0.91 cents to 93.35 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups started the day lower, weighed by global base metals, off 3%, gold, down 2.4% and metals and mining, losing 1.3%. \n\nOnly a 0.1% advance by financials cut through the early gloom. \n\nThe TSX Venture Exchange gave back 31.71 points to 1,387.64, while the Nasdaq Canada surrendered 22.66 points to 640.59. \n\nON WALLSTREET\n\nIn New York, stocks opened sharply lower Friday, following sharp declines in Asian markets, as Dubai World and its debt woes threatened Wall Street's confidence.\n\nThe Dow Jones Industrials started an abbreviated day lower by 184.86 points – 1.8% -- to 10,279.54. \n\nThe S&P 500 index stumbled 23.31 points to 1,087.32, while the Nasdaq jettisoned 44.85 points to 2,131.20. \n\nMarkets stateside close at 1 p.m. EST today. \n\nWall Street ended Wednesday on a positive note, with the Dow Jones rising 31 points to hit a fresh 13-month high. \n\nStocks were boosted by tumbling jobless claims, which the Labor Department said hit a 14-month low last week, and a rise in new home sales. \n\nThe number of shares changing hands is expected to be low with many market participants absent following Thursday's holiday. As a result, trading is expected to be choppy Friday.\n\nThe problems stem from Dubai World, the finance arm of Dubai, which is considering a postponement of payments on nearly $60 billion U.S. in debt. The debt was used to fuel a construction boom over the last few years, including its palm-tree-shaped ...