Canadian stocks took a small dive soon after the opening on Tuesday, ahead of an announcement this afternoon by the U.S. Federal Reserve
The S&P/TSX composite index flattened out 67.80 points to open a turbulent Tuesday at 14,730.03
The Canadian dollar surged 0.44 cents to 80.61 cents U.S.
Canadian grocer Metro Inc reported a 13% jump in quarterly profit as same-store sales rose 3.8%, the highest increase since the third quarter of 2009. Metro shares vaulted $6.51, or 6.7%, to $103.77.
Democrats in the U.S. Senate blocked the Keystone XL pipeline bill from moving forward on Monday, but supporters of the project vowed to push ahead and eventually get a vote on the measure. Oil companies such as TransCanada Corp. shrugged off the news, mostly, giving back five cents to $55.35.
CIBC raised the rating on ARC Resources to outperform from sector perform. ARC shares marched 24 cents, or 1.1%, to $22.73.
Canaccord Genuity raised the rating on Fortuna Silver to buy from hold. Fortuna shares gained 31 cents, or 5.3%, to $6.14.
Moreover, Canaccord Genuity raised the rating on Eldorado Gold to hold from sell. Eldorado hiked 18 cents, or 2.5%, to $7.27.
ON BAYSTREET
The TSX Venture Exchange shed 1.10 points to 673.29
All but three of the 14 Toronto subgroups were down to begin the day, metals and mining taking the most punishment, at 4%, while global base metals skidded 2.3%, and information technology tumbled 1.4%.
The three gainers were gold, up 2%, while consumer staples forged ahead 1%, and materials improved 0.4%.
ON WALLSTREET
U.S. stocks dropped sharply on Tuesday, as corporations reported earnings that disappointed and orders fur U.S. business equipment unexpectedly declined in December.
The Dow Jones Industrials fell without a parachute, 284.60 points, or 1.6%, to 17,394.10
The S&P 500 gave back 25.31 points to 2,031.78
The NASDAQ index dumped 77.98 points to 4,693.78.
Caterpillar fell in early New York trading after the making of mining and construction equipment reported a lower profit short of estimates.
Orders for business equipment fell 3.4% last month, illustrating the impact of the slowing global economy on U.S. multinationals.
Consumer confidence came in at 102.9 in January, the best read since August 2007, while new-home sales came in at 481,000 in December.
Separately, home prices in 20 cities rose 4.3% in November, according to the S&P/Case-Shiller index of property values.
Prices for 10-year U.S. Treasuries went skyward, dropping yields to 1.76% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices were higher 32 cents per barrel to $45.47 U.S.
Gold prices regained $8.20 an ounce to $1,287.60 U.S.
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