Stocks in Canada’s largest market improved from day-long gullies, but still finish well below breakeven, as investors inhaled hints of an OPEC production cut.
The S&P/TSX composite index slid 98.35 points to close Thursday at 12,087.37
Health-care stocks took the hardest blows, as old stalwarts like Valeant Pharmaceuticals plummeted $3.34, or 2.8%, to $116.36.
Metals and mining stocks also crumbled, primarily Teck Resources, which lost 29 cents, or 5.3%, to $5.15
Financials were also bruised, as Manulife Financial got bounced $1.47, or 8.5%, to $15.84. Royal Bank shares dove $1.19, or 1.8%, to $65.00
Gold stocks proved a beacon, as Barrick Gold shot higher 59 cents, or 3.7%, to $16.70, and Goldcorp acquired 61 cents, or 3%, to $20.92.
In the economic docket, Statistics Canada reported that its new housing price index edged up 0.1% in December, following a 0.2% increase in November.
The agency went on to say the advance was led by higher new home prices in Ontario and British Columbia. December marked the second consecutive month of slowing price gains.
ON BAYSTREET
The TSX Venture Exchange advanced 3.01 points to 508.32
All but three of the 13 TSX subgroups were lower, with health-care stocks ailing 3.1%, metals and mining slumping 1.9%, and financials off 1.8%.
The three gainers were gold, leaping 5.6%, materials, bolting 3.5% higher, and telecoms, inching up 0.2%.
ON WALLSTREET
U.S. equities closed lower on Thursday, but well off their lows, as investors digested a massive global selloff, falling oil prices, and
chatter about a possible OPEC production cut.
The Dow Jones industrial average came off their intraday lows, but still suffered 254.36 points, or 1.6%, to 15,660.18, as Boeing and Goldman Sachs weighed the most on the blue-chip index.
However, the blue chips index bounced back sharply after Dow Jones cited comments from the energy minister of the United Arab Emirates on Sky News Arabia saying OPEC members were ready to cooperate on a production cut.
The S&P 500 subtracted 19.2 points, or 1%, to 1,832.66, as the financial sector fell. That sector was on track for its first five-day losing streak since August.
The NASDAQ index closed negative 16.75 points to 4,266.84, as Amazon acquired 3.5%, and Cisco Systems hiked 10.7%.
In the U.S., companies such as CBS, KKR, FireEye, AIG, and Activision Blizzard all report earnings today.
On the data front, U.S. weekly jobless claims came in at 269,000, below estimates.
Investors will also keep an eye on Federal Reserve Chair Janet Yellen, who is scheduled to testify for a second day in front of Congress.
Prices for the 10-year Treasury gained, lowering yields to 1.65% from Wednesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 23 cents a barrel to $27.22 U.S.
Gold prices leaped $50.20 to $1,247.32 U.S. an ounce.
