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Toronto stock market pushes higher, oil slips; U.S. markets mixed

Time:2016-12-08 06:50Shoes websites Click:

Toronto Stock U.S. market markets

USA stocks have climbed since the November 8 election, driven by expectations of significant economic stimulus and cuts in corporate taxes and regulations under President-elect Donald Trump.

At 9:45 a.m. ET the Dow Jones industrial average .DJI was down 18.46 points, or 0.1 percent, at 19,197.78.

The S&P 500 Index (SPX - 2,212.23) also closed higher, picking up 7.5 points, or 0.3%. France's CAC 40 added 1.2 percent, Britain's FTSE 100 was up 0.5 percent and Germany's DAX rose 0.8 percent.

NEW YORK (AP) - Stocks are wavering between small gains and losses in morning trading on Wall Street Tuesday.

RUSSELL RISING: Stocks of small and mid-sized companies rose sharply.

The Nasdaq is up 77.35 points, or 1.5 percent.

The 120-year-old stalwart of the USA equity market powered to a fresh record Monday as the S&P 500 Index hovered nine points below its own all-time high and traded near its biggest discount to the Dow since May 2014. Smaller companies, which are more domestically focused than large multinationals, could stand to benefit more than larger companies from a pickup in USA growth. United States crude oil futures slipped 1.8% to $50.84 a barrel. Brent crude, used to price worldwide oils, gained 49 cents to $54.95 a barrel in London.

ENERGY: Oil prices continued to rise.

Italian financials rose 0.5 per cent having fallen more than 4 per cent, and shares in the world's oldest bank, Monte dei Paschi, were flat on the day after being suspended at the opening.

A rally in oil prices petered out after four days of gains driven by OPEC's deal to cut production next year. Bank of America, Citigroup and Goldman Sachs also were higher.

In other corporate news, Nike fell 2.5 per cent after Cowen & Co downgraded the shoe and apparel maker's shares to "market perform". As that happens, odds are we'll get better stock prices than we have today, but with the underlying companies facing more favorable growth prospects over the medium term should President-elect Trump's policies have the expected impact in 2017 and beyond.

Markets had earlier taken some encouragement when Austria's far-right presidential candidate was soundly defeated by a pro-European contender, confounding forecasts of a tight election. Amazon.com rose 2.6 percent as it said it opened a brick-and-mortar grocery store in Seattle without lines or checkout counters. Health insurer UnitedHealth, a Dow component that has soared since the election, shed $3.10, or 1.9 per cent, to $157.63 and drugmaker Merck fell 88 cents, or 1.4 per cent, to $60.25.

Bond yields have been rising steadily since July, when the 10-year yield went as low as 1.36 per cent. Market fears had largely receded after the Italian vote, which forced Premier Matteo Renzi's resignation. The bank failed a stress test this year and has been in negotiations with investors to raise money to shore up its financial position.

Shares of Energy Transfer ETP.N dropped 4.2 percent to $32.94 after the U.S. Army Corps of Engineers turned down a permit for the company's controversial pipeline project running through North Dakota.


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