Canada Stocks Close 90 Pts Lower; Energy and Metals and Mining Drive Loses On Resources Heavy Index; Bombardier Again Stock of The Day News Wise

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The TSX (Toronto Stock Exchange) moved 90 points lower on Tuesday as Energy and Mining shares were the catalyst for broad losses across the resources heavy index. The decline in WTI crude oil below US$100 dollar per barrel eroded the broader market, along with comments from Fed Chair Janet Yellen.

Stock of the day, for the second straight day, was Bombardier (BBD-B.TO), which was very much in the news again Tuesday, announcing a plethora of potential new sales deals, after a similarly busy Monday. Its shares rose 1.5% yesterday. Today, the stock dipped $0.04 to $3.79 with more than 4.7 million shares changing hands, more than the 30 day average near four million.

The Fed Chair reiterated significant slack remains in the system and the recovery is incomplete, and she implied that the path to policy tightening could be either sped or slowed by the performance of the labor market ahead. While the timing of a rate hike relative to the end of QE next fall is of course yet to be decided, she was surprisingly specific about "substantially stretched" valuations in some parts of the tech sector, munies and leveraged loans.

Of commodities, crude oil prices moved lower, slicing through $100 dollars a barrel for the first time since early May. August crude on the New York Mercantile Exchange dropped $1.20 to US$99.71. Prices have fallen sharply over the last week as worries about supply disruptions from Iraq eased.

Gold prices continued to fall, dropping below $1,300 an ounce to close $11.6 at $1,295. Prices have declined $42 per ounce in the last two trading sessions.



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