Today in the markets
U.S. stocks fell Wednesday after the White House said it won’t support the Republican’s fiscal cliff proposal, even as House Speaker Boehner pressures Obama to accept.
Canadian stocks were up, led by metals and mining stocks as traders clung to hope that discussions over the looming fiscal cliff will produce a resolution.
The S&P/TSX Composite Index rose 69.29 points to 12,403.63, while the TSX Venture Exchange edged up 0.52 points to close at 1,176.52.
Active stocks included UBS AG (NYSE: UBS, Stock Forum), which eased 1.2% to $16.56 on the news that it will pay $1.5 billion U.S. to settle claims in the U.S., U.K. and Switzerland related to rigging Libor benchmark interest rates. The settlement was widely expected.
Shares of U.S. gun makers bounced back a bit after struggling following the tragedy at the Sandy Hook school in Connecticut last Friday.
Smith & Wesson Holding Corp. (NASDAQ: SWHC, Stock Forum) rose 7.2% to $8.35, and Sturm Ruger & Co. (NYSE: RGR, Stock Forum) gained 7.5% to close at $43.63.
In Canada, the TSX metals and mining sector gained, with Sherritt International Inc. (TSX: T.S, Stock Forum) rising 6.5% to $5.75 and Teck Resources Ltd. (TSX: T.TCK.B, Stock Forum) (TSX: T.TCK.A, Stock Forum) lifting 1.4% to $35.99.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report