Today in the markets
U.S. stocks tumbled Wednesday ahead of a statement by President Obama on the fiscal cliff and meeting minutes from the Federal Reserve.
Canada’s main index also tumbled as fears of turmoil in the Middle East added to ongoing concerns about a fiscal showdown in the United States.
The S&P/TSX Composite Index fell 204.87 points to 11,929.79, while the TSX Venture Exchange eased down 28.20 points to close at 1,258.69.
Active stocks included Facebook Inc. (NASDAQ: FB, Stock Forum), which rose 12.6% to $22.36 despite fears a selloff as more than 800 million shares held by insiders became available for sale.
Cisco Systems Inc. (NASDAQ: CSCO, Stock Forum) jumped 4.8% to $17.66 buoyed by strong earnings growth and a steady forecast.
In Canada, shares of Teck Resources Ltd. (TSX: T.TCK.A, Stock Forum) (TSX: T.TCK.B, Stock Forum) (NYSE: TCK, Stock Forum) dropped 1.8% to $32.21 after the metals giant said it has hiked its dividend by 12.5%.
Rona Inc. (TSX: T.RON, Stock Forum) shares jumped 4.9% to $11.52 after major shareholder Invesco Canada Ltd. announced that it is seeking to oust Rona’s board.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report