MARKET NEWS: BEFORE THE BELL
At the open: Miners lift TSX (RTGAM) August 26th, 2013
Malcolm Morrison
The Toronto stock market was slightly higher at the open as mining stocks continued to find lift from strong Chinese manufacturing data that came out last week.
Traders also looked to another piece of economic data that kept speculation going over whether the U.S. Federal Reserve thinks the economy is strong enough to start backing off on some of its economic stimulus.
The S&P/TSX composite index gained 39.77 points to 12,802.07 after the U.S. Commerce Department reported that durable goods orders fell by a much greater than expected 7.3 per cent in July. Economists had expected a drop of almost four per cent.
The data followed a disappointing read on new home sales on Friday and raised speculation that the Fed might stick with its current monetary stimulus or only reduce its monthly purchases of $85-billion of bonds very gradually.
The Canadian dollar was down 0.09 of a cent to 95.14 cents US, while oil edged up 11 cents to $106.53.
New York’s Dow Jones industrials slipped 8.03 points to 15,002.48, the Nasdaq gained 2.33 points to 3,660.12 and the S&P 500 index added 0.44 of a point to 1,663.94.
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