Canada's main stock index reversed course and pulled into the green by noon ET Wednesday, after hitting its lowest point in more than a week. Worries about a slowdown in China weighed on prices of oil and copper, hitting investor sentiment and sending shares in almost every major sector lower.
The S&P/TSX composite index recovered 17.92 points to pause for lunch at 14,285.15
The Canadian dollar sank another 0.15 cents at 89.90 cents U.S.
With oil prices selling off on concerns about demand, the energy sector gave back ground. Canadian Natural Resources lost 1.8% to $39.91 and had the biggest negative influence on market.
Suncor Energy Inc declined 0.4% to $36.27.
Financials, the index's most heavily weighted sector, slipped 0.5%, with Royal Bank of Canada shedding 0.6% to $71.87.
Gold-mining shares jumped, as Goldcorp added 3% to $30.64, and Barrick Gold advanced 2% to $22.43.
ON BAYSTREET
The TSX Venture Exchange eked up 1.01 points to 1,044.32
Nine of the 14 Toronto subgroups had turned higher by early afternoon, as gold shot 2% higher, materials 1.2% higher, and global base metals strengthened 0.9%.
The five laggards were telecoms, down 1.1%, energy, off 0.6%, and information technology, sliding 0.5%.
ON WALLSTREET
The major U.S. stock indices were mixed in midday Wednesday trading. But whatever losses were modest compared with the declines in Europe and Asia, where many indexes were down more than 1%.
The Dow Jones Industrial Average settled 21.96 points to greet noon at 16,306.91
The S&P 500 index dipped 4.14 points to 1,863.49. The NASDAQ bucked the trend and actually gained 2.62 points to 4,309.81.
Stocks have drifted lower this week, with little economic or corporate news to set the tone. In the absence of any clear catalyst, investors are taking a more cautious approach.
In corporate news, federal prosecutors are reportedly investigating General Motors over its handling of ignition switch problems that have been linked to 13 deaths. The stock was little changed Wednesday morning after plunging 5% Tuesday.
Tesla shares bounced back after tumbling Tuesday on news that New Jersey will force the electric car maker to sell through franchise dealerships, rather than direct to consumers.
Plug Power and rival fuel cell stock Ballard Power Systems rebounded early Wednesday after plummeting Tuesday. FuelCell Energy was down dramatically again though. The companies are considered highly speculative and have enjoyed a massive run as of late.
Prices for 10-year U.S. Treasuries were higher, reducing yields to 2.74% from Tuesday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices plunged $2.27 to $97.76 U.S. a barrel.
Gold prices spiked $18.50 to $1,365.20 U.S. an ounce.
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