TSX Close: Late Day Rally on Fiscal Cliff Progress Pushes TSX Into Positive Territory

By Midnight Trader,  December 27, 2012, 04:05:32 PM EDT

The Toronto stock market staged a late afternoon rally Thursday on news that U.S. lawmakers will reconvene on Sunday night in an attempt to reach a budget deal and avoid the fiscal cliff.

The S&P TSX Composite Index finished 3 points higher at 12,373 after falling as low as 12,289 earlier in the trading session.

The materials sector led gainers as gold stocks advanced. Tech stocks were also positive, led by Research in Motion (RIM.TO), which gained nearly 12%.

Most of the TSX's sub-sectors were weaker, including health care, consumer, industrials and financials.

Commodity prices were mixed. Crude for February delivery shed 11 cents to settle at $90.87 a barrel. Gold rose $3, or 0.2%, to $1,663.70 an ounce on the New York Mercantile Exchange. But strength in the U.S. dollar limited the precious metal's gains.

Heavily traded Poseidon Concepts (PSN.TO) plunged 53% after the company suspended its dividend, shuffled management and formed a special committee to review its business processes.




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


This article appears in: Investing, Commodities

Referenced Stocks:



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