Business
RIM leads TSX lower
RIM leads TSX lower
About this update from Red Lake Gold Inc
[{"type":"text","content":"\nRIM leads TSX lower\n\nContrasting starts to week\n Nov. 2, 2009 (Baystreet.ca) -- Canadian stocks turned lower in early trading on Monday, extending a recently seen slide. Tech stocks are leading the decline following an analyst downgrade for Research in Motion \n\nSoon after the opening bell, the S&P/TSX composite index had lost 61.53 points to 10,849.22. \nTechnology stocks are down, as RIM lost 5% after seeing its rating cut to "sell" from "buy" at Citigroup. \n\nGold stocks are up as the precious metal has moved above $1,050 U.S. per ounce on the Comex. Agnico-Eagle Mines gained 1.5% and Royal Gold was up 1.2%.\n\n\nThe Canadian dollar gained 0.50 cents to 92.70 cents U.S. \n\nON BAYSTREET \n\nAll but three of the 14 TSX subgroups were in negative territory to start the day, week and month. \n\nInformation technology weighed the losers, down 1.7%, metals and mining stocks were off 1%, and consumer discretionaries were down 0.9%. \n\nGold led the winners, up 0.6%, global base metals were ahead 0.5% and utilities gained 0.1%. \n\nThe TSX Venture Exchange was up 4.62 points to 1,296.03, while the Nasdaq Canada index faded 18.48 points to 613.61. \n\nON WALLSTREET\n\nIn New York, stocks rebounded at Monday's open, following a big selloff that ended last week, and after Ford posted its first quarterly profit in more than a year.\n\nThe Dow Jones Industrials had picked up 22.90 points to 9.735.63. The S&P 500 index eked out a gain of 1.96 points to 1,038.15. The Nasdaq composite index let go of 8.67 points to 2,036.44. \n\nStocks tumbled Friday on worries that the market was due for a correction, bringing Wall Street's seven-month winning streak to a halt in October. The Dow lost nearly 250 points, or 2.5%, the biggest one-day selloff on a point basis since April 20.\n\nFord Motor delivered its first quarterly profit in more than a year Monday, helped by the government's Cash for Clunkers program.\n\nThe company said it earned nearly $1 billion U.S., or 29 cents U.S. a share. The automaker was expected to post a loss of 12 cents U.S. a share, according to Thomson Reuters estimates.\n\nFord shares rose 11% in early trading Monday.\n\nOn the economic front, investors were to look to a reading on construction spending as well as a report on pending home sales at 10 a.m. ET. Economists surveyed by Briefing.com a...