Business
Stocks try to recharge rally
Stocks try to recharge rally
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nStocks try to recharge rally\n\nFinancials provide momentum\n Mar. 17, 2009 (Baystreet.ca) -- 12:50 pm EST\nThe Toronto stock market struggled to keep a rally going into a sixth session Tuesday as commodity stocks weakened.New York markets were slightly higher a day after a four-day rally fizzled with investors taking in a dividend cut by Dow component Alcoa Inc.Toronto's S&P/TSX composite index put on 30 points by noon hour Tuesday to 8,416.69, setting the stage for what could be a sixth straight upward session. The financial sector remained in positive territory, adding up to a staggering gain of more than 25% over the last five days.Economically speaking, Statistics Canada said sales dropped 5.4% to $41.7 billion as motor vehicle and motor vehicle parts industries, particularly in Ontario, reported record decreases during the month. Excluding motor vehicles and parts and accessories, manufacturing sales decreased a more moderate 1.2% compared with December. Despite the overall market weakness, analysts said this rally could still have a good bit of momentum.The TSX financial sector moved ahead as Bank of Montreal rose 49 cents to $32.81 while Scotiabank advanced 41 cents to $31.16.The energy sector also rose as Talisman Energy was ahead 31 cents to $13.01 while Suncor Inc. lost 31 cents to $31.10.The base metals sector lost with Teck Cominco Ltd. off 19 cents to $5.09 while Sherritt International improved 15 cents to $2.28.The gold sector declined as Goldcorp Inc. faded 97 cents to $36.14.The Canadian dollar was flat at 78.64 cents U.S. BAYSTREET Of the 13 TSX subgroups, seven were in negative territory. Gold was off 1.9%, metals and mining declined 1.3% and real-estate gave back 1.2%Of the six gaining groups, energy stocks surged 0.7%, financials were up 0.5%, consumer discretionaries up 0.3%. The TSX Venture Exchange was off a slight 0.04 points to 847.28, while the Nasdaq Canada index up 8.78 to 409.28. ON WALLSTREETThe Dow Jones Industrials average marched forward 39.74 points to register at 7,256.71 by lunch. The S&P 500 tacked on 7.17 points to 761.05, while the Nasdaq marched 21.50 to 1,425.52. Shares in American aluminum giant Alcoa Inc. dropped 50 cents or 8% to $5.62 U.S. after it said late Monday that it will chop its dividend to three cents a share from 17 cents a share. The move will save Alcoa more tha...