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Post by cavedudeon Apr 16, 2012 7:44pm

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Post# 19800850

TSX misses out as global stocks advance

This is what im talking about. We live in one of the absolute greatest countries in the world and are getting our butts handed to us:

Closing Bell: TSX misses out as global stocks advance

John MorrissyApr 16, 2012 – 5:24 PM ET

Bloomberg

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Global stocks rose Monday on signs of strong U.S. consumer spending but Canada’s benchmark index didn’t join the party, held back by faltering precious metals producers.

Here are the closing numbers

TSX — 12037.59 -0.02% -2.80

S&P 500 — 1369.57 -0.05% -0.69

Dow — 12921.41 +0.56% +71.82

Nasdaq — 2988.40 -0.76% -22.93

The S&P/TSX composite index ended the session down 2.81 points, or 0.02%, to 12,037.59.

Markets took their cues from stronger-than-expected U.S. retail sales, which climbed 0.8% in March compared with estimates of a 0.3% gain, easing fears of slowing domestic growth in the world’s largest economy

“The U.S. is a better economic story,” Madelynn Matlock, who helps oversee about $14.6 billion at Huntington Asset Advisors in Cincinnati, told Bloomberg. “Retail sales showed that consumers are not being overwhelmed by gas prices. On top of that, corporate earnings should be at least respectable.”

On the TSX, financials and telecom issues posted modest gains, but the materials sub-index rained on their parade, falling 1.44% as gold prices fell US$10.50 an ounce to US$1,649.70. Silver Wheaton shed 4.7% to $29.67.

Market movers were led by Bank of Nova Scotia, up 0.98% to $54.63, Royal Bank of Canada, up 0.73% to $56.29, and Toronto Dominion Bank, up 0.92% to $82.70. Suncor Energy advanced 1.18% to $30.81 after returning an oilsands upgrader to service after a month of repairs.

Oil prices rose US10 cents to US$102.93 a barrel.

The Canadian dollar closed at US$1.0003, down 13 basis points, after struggling all day to maintain parity with the U.S. greenback. Economists predicted Bank of Canada governor Mark Carney would hold the bank’s key lending rate steady at 1% on Tuesday.

U.S. stocks rallied on the retail news but gains were limited as shares in tech giant Apple and Google both slipped, off 4.15% to US$580.13 and 2.97% to US$606.07, respectively, overshadowing a 1.77% gain to US$34.00 in Citigroup, which reported earnings per share of US$1.11, compared with analyst estimates of US$1 a share.

“Apple is ubiquitous, it’s well-owned, it’s had a huge run up and people are taking some profits,” Matt McCormick, who helps oversee US$6.2-billion at Bahl & Gaynor Inc. in Cincinnati, fold Bloomberg.

Global gains were also held in check by renewed worries about the European sovereign-debt crisis as bond yields in Spain soared and investors fretted about the possibility that it, like Greece before it, will need to be bailed out financially.

The Dow Jones industrial average gained 71.82 points, or 0.56%, to 12,921.41 while the Nasdaq composite index fell below the 3,000 mark, losing 22.93 points, or 0.76%, to 2,988.40.

In Europe, London’s FTSE added 0.26% to 5,666.28, the Paris CAC rose 0.51% to 3,205.28 and Frankfurt’s DAX rose 0.63% to 6,625.19.

Canada’s Venture composite index fell 27.48 points, or 1.88%, to 1,432.45.

Here’s the news investors were watching today:

Apple and Google tumble on Wall Street

Europe is committing economic suicide: Krugman

Spanish debt heads towards crisis levels

U.S. retail sales beat expectations

ON DECK TUESDAY

ECONOMIC NEWS