Stocks rise sharply as traders balance robust jobs numbers with Fed stimulus

TORONTO — The Toronto stock market closed sharply higher as a much stronger than expected American employment report encouraged buyers while at the same time raising worries that the Federal Reserve could be set to unwind a key stimulus program.The S&P/TSX composite index gained 84.13 points to 13,378.33, as investors also took in Canadian jobs numbers that breezed past expectations.The loonie was down 0.15 of a cent to 95.44 cents US as the economy created 13,200 jobs last month. Economists had expected that about 11,000 jobs would be created.The greenback was sharply higher after the U.S. Labor Department reported that the economy cranked out 204,000 jobs, far above the approximately 120,000 reading that had been expected.U.S. indexes also took off. Traders balanced the latest indication of an improving economy with rising concerns that the Federal Reserve will start winding up its US$85 billion of monthly bond purchases. That stimulus program has supported a strong rally on markets.The Dow Jones industrials surged 167.8 points to 15,761.78, the Nasdaq climbed 61.9 points to 3,919.23 and the S&P 500 index was ahead 23.46 points to 1,770.61 .Canadian Press read more

Toronto stock market falls miners sell off amid plunging copper prices

by Malcolm Morrison, The Canadian Press Posted Mar 11, 2014 6:20 am MDT Toronto stock market falls, miners sell off amid plunging copper prices AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email The TMX Group logo, home of the TSX, is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim TORONTO – The Toronto Stock Exchange closed lower, dragged down by base metal miners as worries about Chinese growth slammed copper prices for a third day, leaving the metal at its lowest level in almost four years.The S&P/TSX composite index declined 34.83 points to 14,267.23.The Canadian dollar dipped 0.01 of a cent to 90.07 cents US.New York’s Dow Jones industrials fell 67.43 points to 16,351.25, the Nasdaq dropped 27.26 points to 4,307.19 and the S&P 500 index declined 9.54 points to 1,867.63.The TSX energy and base metal sectors continued to lose ground amid concerns about Chinese growth after data released over the weekend showed that exports of the world’s second-biggest economy fell by an unexpectedly large 18 per cent in February. The country’s official 2014 economic growth target of 7.5 per cent assumes trade also will grow by 7.5 per cent.Copper, widely viewed as a proxy for the global economy, dropped another eight cents to US$2.95 a pound, its lowest close since June, 2010 after shedding six per cent over the previous two sessions. read more