Business
T.O., N.Y. stocks tumble
T.O., N.Y. stocks tumble
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nT.O., N.Y. stocks tumble\n\nGM, Chrysler could merge\n Feb. 10, 2009 (Baystreet.ca) -- 04:42 pm EST\nEquity markets took the shaft to the ground floor Monday, without waiting for the elevator, it seems. As a result, some markets experienced lows they hadn't seen in more than a decade. The S&P TSX Composite Index took a walloping of 307.79 points to close at 7,642.20, as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system.Canadian investors also took in a major deal as Nova Chemicals Corp. has agreed to be bought out for $2.3 billion U.S. by Abu Dhabi-based International Petroleum Investment Co. Nova stock soared by 300%. Canada's big banks are preparing to report their first-quarter earnings for 2009 starting this week and Warne said expectations are fairly minimal.Industrial stocks have lost, as Canadian Pacific Railway dropped 3.1% and Canadian National Railway was down 2.6%. Energy stocks were down, as crude oil turned sharply lower on Monday. Financials gave back early gains, Royal Bank leading the decliners with a 2.4% drop. Bank of Montreal was up 2% after its Harris Financial announced the appointment of John Rau and Arnold Donald to its Board of Directors. The sector received an early boost as troubled U.S. lender Citigroup is reportedly in discussions with federal officials for a possible expansion of the government's stake in the company.Meanwhile, gold and materials stocks were in the red as the precious metal has surrendered some of last week's sharp rally. Barrick Gold dropped 3.4% after beating downgraded by RBC Capital MarketsDiversified miner Teck Cominco was up 4% after erasing an early slide. The company announced Friday after the closing bell that it has agreed to sell its indirect interest in Sociedad Minera El Brocal to Compania de Minas Buenaventura for $35 million U.S. in cash.Canadian Hydro Developers lost 5% after the company reported that fourth-quarter profit plunged by 78% year over yearFrom the economic world, retail sales in December fell 5.4% in December to $33 billion - the largest monthly decline in over 15 years.Statistics Canada says three-quarters of the December retail decline was rooted in the automotive sector, without which retail sales fell 1.8%.Cheerful news came out Monday, however, that consumer confidence reversed ground in December and was ...