The TSX composite was higher, rising 70.07 points to 12,857.26 in mid-morning trading on Tuesday. The Dow was up 50.28 to 15,179.95.
Today
Mirabela Nickel Ltd. (
TSX: T.MNB,
Stock Forum) plummeted 33.3% to one cent as investors digested the combined news of the company losing one of its two customers, Votorantim Metais Niquel S.A., reported September 26, as well Mirabela has provided notice of the potential event of default to Bradesco. Mirabela's subsidiary, Mirabela Mineração do Brasil Ltda, has a US$50 million facility with Banco Bradesco S.A., which is secured by the company's contract with Votorantim.
Lawmakers in Washington failed to agree on a federal budget, starting a shutdown that will put as many as 800,000 federal employees out of work temporarily and halt some government services.
The shutdown will cost the U.S. at least $300 million a day in lost output at first, according to IHS Inc. That compares with the country’s $15.7 trillion economy.
Congress now faces a dispute over raising the $16.7 trillion debt ceiling this month. The Treasury has said measures to avoid exceeding the borrowing limit will be exhausted on Oct. 17.
A Commerce Department report on construction spending due today won’t be released as scheduled and the Labor Department won’t publish its closely watched monthly employment report on Oct. 4 if the government remains closed.
The price of gold dropped US$37.87 to US$1,291.08 an ounce, while silver slipped US$0.92 to U$20.78 an ounce.