Toronto's main stock index dipped from highs of the session, but closed higher today, led by strong commodities and continued strength via the U.S. Federal Reserve signaling it may put extra stimulus into the U.S. economy.
The S&P/TSX Composite closed up 97.67 points, or .78%, to 12,673.31.
The price of oil for November delivery is up; gaining 1.89% to $83.21.
Gold for December delivery is green at the moment; up $23.80 to $1,369.50.
The Canadian Dollar is up against the US Dollar at the moment; up by .0000385 of a cent to .99651 U.S. cents.
ON THE DATA FRONT --
New home prices in Canada changed course in August, gaining 0.1% after declining by the same amount in July, reflecting a slowdown in the housing market after strong growth for the better part of this last year.
Statistics Canada released data today showing that prices rose in seven of the 21 cities in the index, were unchanged in 10 and edged down in four. Analysts in a Reuters poll had forecast, on average, a 0.1% decline in the August index.
Leading contributors to the growth were three cities in the province of Ontario: Toronto, Oshawa and Hamilton, as well as Montreal, Quebec.
Housing prices gained significantly as compared with August of 2009 as prices rose by 2.9%.
The housing only component of the new housing price index climbed 0.1% on a monthly basis and 4.5% on the year. The land only component was flat in August and slipped 0.2% on the year.
CLOSING NEWS --
All that glitters just may be gold -- Major plays advanced as Barrick Gold gained 0.9% to $49.41, and Goldcorp rose 2.25% to $45.45. Teck Resources joined the party and rose 2.89% to $45.99.
Additional energy winners included Suncor Energy which climbed 0.46% to $35.31.
Sometimes it's good to swim with the fishes -- Fins were up 0.7% riding on profits of U.S. bank JPMorgan Chase & Co, with Royal Bank of Canada (T.RY) adding 0.55% to $55.29 and Bank of Montreal (T.BMO) climbing 0.62% to $60.21. Despite hitting a new 52-week high today, the National Bank of Canada closed flat at $66.30.
AFTERNOON NEWS --
Aura Minerals Inc. released additional positive assay results for the Aranzazu copper-gold-silver project in Mexico. Shares of T.ORE are up $.06 to $1.68.
SNC-Lavalin Group Inc. announced that it is selling its entire stake (3.5 million shares) in Valener Inc. for nearly $60 million. Shares of T.SNC are up 1.18% to $53.26.
Gold stocks rolling along with gold prices -- Shares of Kinross are up 2.82 to $19.69 and shares of Barrick Gold are up to $49.59, representing a gain of 1.27%.
MORNING NEWS --
Reaping the Rewards -- Commodities are on the climb again this morning and mining stocks are moving with it. Shares of Equinox Minerals Limited (T.EQN) are up 3.17% while shares of Teck Resources Limited (T.TCK.B) are up 2.19% this morning.
Fins still climbing -- The Royal Bank of Canada, the Country’s largest bank, is up 1.29% to $55.70.
Good Profits -- Exfo Inc. (T.EXF) announced late yesterday that it posted a fourth-quarter profit and said it expects to post higher quarterly results in the first quarter. Shares are up 8.03% this morning.
We Promise -- Potash issued a promise to Saskatchewan today that included details of its pledge to the Province. Part of the release stated, "For 35 years, including the past 21 as a publicly traded company, Potash Corporation of Saskatchewan Inc. has served as a steward of the Province's potash resources, employer of choice at all of our locations and an ambassador for Saskatchewan and Canada around the world," said Dallas Howe, Chairman of the PotashCorp Board of Directors. "We intend to ensure the purpose and spirit of this company are maintained in every circumstance as we move forward."
ON BAYSTREET
Twelve of the TSX Subgroups closed in the green today. Metals and mining were up by 2.78%, followed by base metals; up 2.15% and then materials, which finished up by 1.76%.
On the downside -- Telcom slipped .40% and consumer staples dropped .27%
The TSX Venture Exchange finished the day trading up by 25.40 points to 1828.74, while the Nasdaq Canada index closed in the green; up 13.83 points to 646.92.
ON WALLSTREET
Stocks on Wall Street may have fallen from highs of the session, but closed well above yesterday's close as the bulls continue to control the market, running with QE speculations and strong commodities.
The Dow Jones Industrial Average closed up by 75.68 points, or .69% to 11096.08. The S&P 500 is up by 8.33 points, or .71%, to 1,178.10. The NASDAQ finished the day in the green; up 23.31 points, or .96%, to 2,441.23.
The US Dollar is down against the euro by .0047 and losing ground against the yen; down .0500.
Oil futures for November delivery are up $1.54 to $83.21.
The 10-year bond yield is up .0900 to 2.4310%.
DATA NEWS --
The Mortgage Bankers Association weekly applications survey released this morning showed that mortgage loan applications rose for the first time in six weeks; up 14.6% for the week ending Oct. 8.
A 0.3% drop in the import-price index exceeded the median forecast of economists surveyed by Bloomberg News and followed a 0.6% gain in August, Labor Department data revealed today. Prices excluding fuel climbed 0.3%, led by industrial supplies like metals and chemicals.
CLOSING NEWS --
Crude-oil futures snapped a two-session losing streak to close higher Wednesday, on the heels of increased forecasts for world oil demand and a weaker dollar. Shares of Exxon Mobil Corp closed at a 5 month high of $65.04.
Energy stocks hot in general -- News of the Energy Information Administration hiking its forecast for world oil demand and crude prices drove energy stocks. Williams Cos. (WMB) climbed nearly 10% and Tesoro (TSO) hopped 3.83%.
Updates can spoil the party -- Chevron shares fell 0.2% after the oil giant’s mid-quarter update.
Linear closed down 2.41% at $30.80 after announcing that expectations for its fiscal second-quarter revenue to be flat to down. Related to estimates, that equates to roughly $381 million; below the current consensus of $384 million.
No Mojo -- Shares of Intel Corp. couldn't hold gains today, a day after the chip maker reported strong third-quarter results on top of a forecast that analysts fear may be too promising. Shares of INTC fell 2.68%.
What's going on with Education? -- Shares of Apollo Group Inc. fell lower after hours after the for-profit educator yanked its yearly outlook because of regulatory concerns facing the industry. Despite rising revenues for the last quarter, the Company is hesitant about forecast ''given the transitional state of the business, and the uncertain regulatory environment.''
AFTERNOON NEWS --
Walgreen Co.'s announced today that it has approved a new $1 billion share buyback program that will conclude at the end of 2012. The board also declared a quarterly dividend of $.175 a share. The dividend will be paid Dec. 11 to shareholders of record Nov. 15. Shares of WAG are up 2.20% this afternoon.
IBM announced that it has purchased PSS Systems, a privately held software company in California. Terms were not disclosed. Shares of IBM are up .71% to $140.85 this afternoon.
Government Contract -- SIGA Technologies shares are flying after the Company announced that it has been awarded a government contract to supply the U.S. Department of Health and Human Services with 1.7 million courses of its smallpox treatment. The biotech company estimates that it will generate approximately $500 million to $2.8 billion in revenues from the contract. Shares are up 43.46% to $12.28.
Metals Sailing -- Gold for December delivery has broken through $1,370 and ounce as all metals are pushing again today. Silver for December delivery has risen $.42, or 1.8%, to $23.57 an ounce while copper has climbed to $3.81 a pound.
Shares of Clearwire Clearwire Corp. are up 9.33% today after the announcement that the Company plans to sell wireless airwaves with the quest of raising $5 billion.
AT THE OPEN --
Upbeat earnings from JPMorgan Chase, Intel and CSX are helping push stocks higher this morning. After firm gaps up at the bell, shares of JPM and INTC have slid mildly back into the red, down less than 1% each, but CSX has maintained its gains to this point, trading up 3.70%.
Apple does it -- Apple Inc. shares busted through $300 for the first time in the company’s history this morning. Shares are presently trading at $301.87, which is still well below analysts targets for the stock.
Acquisition News -- First Franklin Corp. shares are up 80.31% after Cheviot Financial Corp. said it would acquire the bank holding company.
Gainers --
Phazar Corp. (ANTP) has seen it shares run up nearly 70% this morning after the producer of antenna systems for cellular applications turned a first-quarter profit of $.11 a share from a year-earlier loss.
Crown Media Holdings Inc. (CRWN) shares popped over 30%, as the operator of the Hallmark Channel was featured on the Motley Fool website.
No Tea Party -- Great Atlantic & Pacific Tea Co. Inc. saw it shares fall almost 20% this morning after reports the Company may be restructuring its balance sheet.
Stock Offering -- Shares of MGM Resorts International have taken a dive of nearly 10% in morning trading after the casino operator announce that its offering 69 million common shares.
SHINING LIGHT FOR THE DAY -- 13 of the 33 trapped miners have been rescued from a gold and copper mine in Chile's northern Atacama desert in a painstaking operation still underway. The miners, which have been trapped since a collapse on August 5th are being hoisted out one at a time in a small cage that is being lowered to them. Each trip up to freedom takes approximately 14 minutes.
