Canada Stocks Showing Strong Upward Momentum Now; Gold Miners Help Lead Advance After Fed Renews Asset-Purchase Program

By Staff,

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Canadian stocks have been higher since the off but are showing some strong upward momentum now, with the S&P/TSX Composite Index now up more than 70 points. Today's gains are being paced by a strong advance for shares of info tech companies and gold miners on gains in bullion prices due to the U.S. Federal Reserve expanding its asset-purchase program, further weakening currencies - in particular, the U.S. dollar.

However, the Fed's plan to buy $45 billion in Treasury securities each month is doing little to lift shares of energy companies, possibly because traders are viewing the central bank action as another sign of a weak U.S. economy, limiting demand for fuels.

In other economic news today, StatisticsCanada said there were 267,000 job vacancies among Canadian businesses during September, up 19,000 from 12 months earlier. For every job vacancy, there were 5.3 unemployed people, down from 5.7 in September 2011. The highest ratios of unemployed people to job vacancies were in eastern Canada and lowest in the Prairie provinces.

In company news, Thomson Reuters (TRI, TRI.TO) is up about 1.5% today on the TSX after the Nasdaq OMX Group Inc. ( NDAQ ) offered $390 million for its investor relations, public relations and multimedia solutions businesses. The deal is expected to add to NDAQ earnings within the first 12 months after closing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: NDAQ

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