Canada Stocks Close Down 70 Pts As U.S. Fears Weigh; Bombardier, Kinross and RIM Lead Decliners

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Canada's main stock market, the Toronto Stock Exchange, opened 14 points higher, but from there it was down hill nearly all the way with the index eventually closing down 70 points, albeit 18 points above day lows struck inside the final hour.

Canadian stocks fell as a contraction in U.S. manufacturing in November and concerns about a perceived lack of progress in U.S. fiscal crisis talks spooked investors and traders, overshadowing positive manufacturing data from China.

Bombardier (BBD-B.TO) weighed as it was easily the most active stock and fell more than 3% although there was no apparent fresh stock specific news. Research In Motion (RIM.TO) didn't help matters either although it ended the day down just 4 cents at $11.55, having earlier touched a day low $11.18 after being downgraded to a Sell at Canaccord. Kinross Gold (K.TO) lost 2.5%.

Oil futures finished higher Monday to score gains for a third session in a row, with some economic data pointing to better prospects for demand, MarketWatch reported. But prices only saw a slight gain as U.S. political wrangling on the fiscal cliff of spending cuts and tax hikes wore on. January crude oil rose 18 cents to settle at US$89.09 a barrel on the New York Mercantile Exchange after gaining 2.8% in the past two sessions.

Gold futures rose Monday, with weakness in the U.S. dollar offering support for the metal's prices after a decline last week, MarketWatch reported. Traders also parsed mixed data from the U.S. and upbeat manufacturing figures from China and kept watch for any progress linked to U.S. debt negotiations. February gold added $8.40 to settle at $1,721.10 an ounce on the Comex division of the New York Mercantile Exchange. February gold traded as high as $1,724.90.

March silver also climbed by 48 cents, or 1.4%, to $33.76 an ounce.



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This article appears in: Investing , Commodities

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