Business
2nd straight down day for TSX
2nd straight down day for TSX
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\n2nd straight down day for TSX\n\nUtilities off, gold up\n\n Apr. 28, 2010 (Baystreet.ca) -- The Toronto stock market closed lower as Europe's debt crisis spread to Spain, which had its credit rating downgraded one day after Greece's rating was lowered to junk status.The S&P/TSX composite index lost 69.85 points to 12,076.89 following a triple-digit loss the previous session.Losses were widespread, with gold stocks being a notable exception.The financial sector declined, as RBC eased 1.22% to $60.58, CIBC lost 1.17% to $74.49 and Scotiabank fell 1.25% to $50.75The Global Gold Index added strength as gold prices rose to their highest level in over four months on safe-haven demand.Barrick Gold advanced 2.61% to $42.51 and Goldcorp rose 3.29% to $42.99.The Canadian dollar got closer to parity with the greenback, regaining 0.80 cents to 99.16 cents U.S. ON BAYSTREETAll but three of the 14 TSX subgroups were lower on the day. Utilities were the worst off, stepping back 1.9%, while financials were poorer by 1.4% and telecoms fell 1.1%.The three gainers were gold, up 2.2%, materials, advancing 1.4%, and global base metals, moving ahead 0.5%.The TSX Venture Exchange picked up 1.86 points to 1,660.35, while the Nasdaq Canada index regained 5.93 points to 786.32ON WALLSTREETIn New York, blue chips gained Wednesday after the Federal Reserve said that economic activity is picking up, and that it will hold a key short-term interest rate steady for an extended period of time.The Dow Jones industrial average advanced 53.28 points to 11,045.27, reclaiming the 11,000 level it lost in the previous day's selloff. The 11,000 level has psychological meaning, but is not a key technical level for traders.The S&P 500 index remained above water by 7.65 points to 1,191.36. The Nasdaq composite index moved up 0.26 points to 2,471.73.Stocks had surged more aggressively in the first 90 minutes after the roughly 2:15 p.m. ET Fed announcement, but gave up bigger gains late in the session.Stocks had struggled earlier as earnings news vied with euro zone debt worries after Standard & Poor's cut Spain's rating, one day after lowering Portugal's debt rating and cutting Greece's rating to junk. The downgrades pummeled U.S. stocks Tuesday and also dragged on international markets Wednesday.But the Fed announcement seemed to reassure investors, as it offered both a...