Business
TSX feeling great, up eight straight
TSX feeling great, up eight straight
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nTSX feeling great, up eight straight\n\nU.S. down over Fed skepticism\n Mar. 19, 2009 (Baystreet.ca) -- 04:32 pm EST\nThe latest moves by the U.S. Federal Reserve to break a logjam in lending and lower borrowing rates sent the Toronto stock market higher for an eighth session.However, New York markets were weak after racking up strong gains for six of the past seven sessions after the U.S. central bank said Wednesday that it would pump more than $1 trillion U.S. into the economy.The S&P/TSX Composite Index climbed 74.14 to 8,703.24, adding up to a surge of more than a thousand points in just over a week. On the economic front, Statistics Canada says Canada's annual inflation rate rose to 1.4% in February from 1.1% the previous month. This was the first increase in the cost of living in five months. As the rally in Toronto continued, leadership switched from the financial sector, which surged 28% over seven sessions, to commodity stocks.Hopes the Fed action will also blunt the effects of a global recession sent oil prices higher. The Toronto energy sector gained as Suncor Inc. climbed $2.49 to $33.69 and EnCana Corp. rose $3.05 to $53.63.The base metals sector gained as copper prices ran ahead nine cents to $1.80 U.S. a pound.Teck Cominco Ltd. surged 88 cents or 17.6% to $5.88 and FNX Mining improved 63 cents to $5.36.The dramatic move by the U.S. central bank stoked worries about higher inflation and that helped send the TSX gold sector up and Barrick Gold Corp. rose 94 cents to $40.79 and Goldcorp Inc. was ahead $1.69 to $41.29.The financial sector was the main decliner, as TD Bank declined $1.07 to $41.99 and Scotiabank fell 66 cents to $31.61.The Canadian dollar was up 0.52 cents to 80.76 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, seven were lower, real-estate stocks down 2.9%, followed by financials, off 2.7% and consumer staples, down 2.3%. Metals and mining went skyward to lead the six subgroups in the black, advancing 9% in just one day. Materials were next, at 4.5%, while energy stocks improved 4.2% The TSX Venture Exchange leaped 37.86 points higher, at 903.57, while the Nasdaq Canada index was 15.30 points up, at 436.04. ON WALLSTREETThe Dow Jones Industrials average decreased 85.78 points to 7,400.80. The much-broader S&P 500 subsided 10.31 points to 784.04, while the tech-laden Nasdaq fell 7.74 points...