Markets end turbulent week on positive note
North American markets ended yesterday in positive territory as investors shook off disappointing employment figures and went hunting for stock deals.
Toronto’s S&P/TSX composite index rose 40.80 points to close at 9,596.21, capping off another turbulent week of triple-digit swings in both directions.
But the index ended the week more than 1 per cent lower as lingering sentiment about deeper economic problems next year partnered with a further shift lower in oil prices.
The TSX energy sector fell 1 per cent as the price of crude ended down 10 per cent from a week earlier, with the near-month light sweet crude contract closing the session up 27 cents at $61.04 (U.S.) a barrel.
The mining index headed the advance by climbing 6 per cent as Sherritt International Corp. increased 7 per cent, or 23 cents, to $3.41.
The TSX Venture Exchange moved up 1.72 points to 921.85.
The Canadian dollar closed up 0.26 of a U.S. cent to 84.18 cents.
Buyers returned to Wall Street markets after two dismal days.
The Dow Jones industrial average climbed 248.02 points to 8,943.81. The Nasdaq composite index rose 38.70 to 1,647.40 while the S&P 500 moved up 26 american cash advance.11 to 930.99.
Bad news piled up from the auto industry, with General Motors Corp. reporting a $2.5 billion loss in the third quarter, or $4.45 a share.
Ford Motor Co. reported a third-quarter net loss of $129 million as it burned through $7.7 billion in cash. Ford also said it is cutting 10 per cent of its North American salaried workforce.
German automaker Daimler AG said its global sales in October slid 18 per cent from a year earlier.
Although the day’s news was worse than expected, investors were drawn by prices beaten down the past two sessions.
"We’re coming off of a very oversold market that had already braced itself for bad news out of Detroit and certainly bad economic data in terms of the labour report," said Peter Cardillo, chief market economist at Avalon Partners.
On the TSX, gold stocks were ahead 4.9 per cent.
The bullion contract for December moved ahead $2 to $734.20 an ounce – ending the week up 2.2 per cent.