Equity markets in Toronto were mixed at the open on Thursday following the U.S. Federal Reserve's decision to continue scaling back bond purchases despite emerging market turmoil
The S&P/TSX composite index eked up 0.26 points, opening at 13,643.48
The Canadian dollar slid another 0.05 cents to 89.46 cents U.S.
Potash Corp of Saskatchewan reported a sharply lower quarterly profit and produced 2014 forecasts that were below Wall Street expectations. Potash shares backtracked $1.80, or 5.1%, to $33.78.
Enbridge Income Fund Holdings, the fund controlled by Enbridge Inc., said on Wednesday it will build a $25-million crude oil pipeline connection to the Cromer, Manitoba, rail terminal owned by Tundra Energy Marketing Ltd. Enbridge shares 15 cents to $46.50.
Osisko Mining said on Wednesday it has sued Goldcorp Inc in an attempt to foil the gold miner's $2.6-billion hostile bid, alleging that its suitor misused confidential information. Osisko shares tailed off 34 cents to $6.55, while Goldcorp shares lost $1.07 to $26.57.
Sears Canada Inc. said it would cut 624 jobs as it reorganizes its business. Sears shares took on 18 cents to $12.51.
ON BAYSTREET
The TSX Venture Exchange faltered 7.69 points to begin Thursday at 951.07
All but four of the 14 Toronto subgroups were higher at the outset, with health-care issues stronger by 1%, industrials, up 0.8%, and information technology up 0.7%.
The four laggards were weighed by gold, down 2.7%, materials, off 2%, and the metals and mining group, sliding 1%.
ON WALLSTREET
Stocks rebounded Thursday morning as investors focused more on strong corporate earnings from tech companies and economic data as opposed to continuing tumult in emerging markets.
The Dow Jones Industrial Average recovered 42.51 points to 15,781.30
The S&P 500 index added 11.10 points to 1,785.30. The NASDAQ ballooned 48.44 points to 4,099.87
Visa shares rose on better-than-expected results. The credit and debit card processing company has the biggest weighting in the Dow.
Facebook shares soared 14% to a new all-time high following strong quarterly sales and earnings. The social media giant's results showed the company has made huge strides in mobile advertising.
Shares of rival Twitter, which reports its results next week, also soared.
Google jumped after the company announced it was selling its Motorola Mobility smartphone business to China's Lenovo for $2.9 billion U.S. Google will report its fourth-quarter earnings after the closing bell. So will Amazon.
U.S. stocks fell more than 1% Wednesday after the Federal Reserve said it was cutting another $10 billion per month from its economic stimulus program. Investors were disappointed the central bank didn't address the recent trouble in emerging markets.
Economically speaking, the U.S. government announced Thursday that the economy grew at a solid 3.2% pace in the third quarter, driven by strong consumer spending and exports. That figure beat economists' expectations, and although it's not indicative of gangbusters growth, the data seems to show the economy is moving forward modestly.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.70% from Wednesday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.12 to $98.48 U.S. a barrel.
Gold prices dipped $18.40 to $1,243.80 U.S. an ounce.
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