Markets in Toronto paused to catch their breaths, after U.S. Federal Reserve Chairman Ben Bernanke surprised markets on Wednesday by delaying plans to cut back its massive bond-buying program
The S&P/TSX composite index dipped 4.27 points to begin Thursday at 12,927.13.
The Canadian dollar erased 0.04 cents to 97.78 cents U.S.
Brookfield Asset Management is reported seeking assets in Europe to take advantage of an expected wave of sales, and also sees opportunities in Latin America and in the hard-hit commodity sector, its CEO said on Wednesday. Brookfield shares added eight cents to $38.65
Barclays raised the target price on AGF Management Ltd. to $13 from $12, saying despite operational difficulties, there still is significant value in the company's dividend. AGF shares took on a dime to $12.67
Raymond James raised the target price on Aimia Inc. to $20 from $18 after the company provided further insight into the recently announced Toronto-Dominion Bank and Canadian Imperial Bank of Commerce agreement. Aimia shares were unchanged at $17.98
On the economic stage today, Statistics Canada reported that July wholesale trade hiked 1.5% to $49.5 billion, following a 3.1% decline the month before. In volume terms, wholesale sales were up 1.4%.The market call was for a rise of 1.2% during the month.
The nation’s number-crunchers also said that the number of regular Employment Insurance beneficiaries fell by 10,900, or 2.1%, in July to 503,900. This drop brings the number of beneficiaries to a level similar to that observed before the start of the labour-market downturn in 2008.
ON BAYSTREET
The TSX Venture Exchange added 2.74 points to 955.53
Nine of the 14 Toronto subgroups were higher at the outset, led by health-care stocks, up 1%, while telecoms and real-estate each progressed 0.7%.
The five laggards were held down by gold, off 1.9%, while materials and global base metals each shed 0.9%.
ON WALLSTREET
Stocks were somewhat mixed a day after the U.S. Federal Reserve's surprise decision to keep buying $85 billion in bonds a month lifted two key market indexes to all-time highs.
The Dow Jones Industrials dropped 12.68 points, to open Thursday at 15,664.30
The S&P 500 index added 2.17 points to 1,727.69. The NASDAQ tacked on 3.70 points to 3,787.34.
The modest bump in the S&P 500 was enough to push it to a new all-time high. The NASDAQ is at its highest level since September 2000.
Shares of Take-Two Interactive jumped after the company said its latest game, Grand Theft Auto V, raked in $800 million U.S. in worldwide retail sales on the first day of its release Tuesday.
Rite Aid reported a quarterly profit, compared to its year-earlier loss, and raised earnings guidance for the year, reflecting a better-than-expected first half of the fiscal year. The drug store chain's stock surged 15%
JPMorgan Chase agreed Thursday to pay about $920 million U.S. in fines to U.S. and U.K. regulators to settle charges related to the "London Whale" trading debacle
Investors were happy that the Fed chose to not cut back on, or taper, the size of its bond buying program just yet. This so-called quantitative easing has been supporting stock markets around the world. Many had expected the Fed to announce on Wednesday that it would begin tapering.
On the economic front, U.S. jobless claims rose last week but still came in below expectations. Analysts were expecting a higher figure because the previous reading was distorted, as computer glitches caused two states to report incomplete results.
Also this morning, the National Association of Realtors will release its monthly report on existing home sales.
Prices for the 10-year U.S. Treasury faded a bit, raising yields to 2.72% from Wednesday’s 2.71%. Treasury prices and yields move in opposite directions.
Oil prices fell 19 cents to $107.88 U.S. a barrel.
Gold prices leaped $54.10 at $1,361.70 U.S. an ounce.
