Markets

Toronto Stocks Close Down 30 Pts, Make It Five Straight Days of Losses, All But Erase 2013 Gains

Although Canadian stocks more than halved a circa 120 point loss over the second half of the day Thursday, they still fell more than 30 points, made it five straight day of losses and all but erased gains made so far in 2013.

Stronger commodity futures and bargain hunters may have helped the resources heavy index recover before the day was over. Most sectors were lower with the Financial, Metals & Mining and Utilities sectors all down near 1%. Industrials was the biggest percentage gainer, but only by 0.5%.

Among commodities, Comex gold futures touched three-week highs on a lower U.S. dollar index and amid some short covering and position ahead of Friday's U.S. jobs update. August gold was up around US$15.50 at $1,414.00 an ounce. July Comex silver was also up. Meanwhile, oil futures closed above US$94 for the first time in more than a week.

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

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