Markets

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

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 Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More