Today in the markets
U.S. stocks were mostly lower Wednesday, after early losses spurred by worries about the possible implications of Cyprus’s bailout for other euro zone lenders.
Canadian stocks were also down as concerns about Europe returned to the forefront and the euro fell to a four-month low.
The S&P/TSX Composite was down 6.73 points to 12,699.65, while the TSX Venture Exchange was up 1.76 points to close at 1,097.79.
Active stocks included Cliffs Natural Resources (NYSE: CLF, Stock Forum). The shares were down nearly 15%. The stock, which has been the worst performer in the S&P 500 this year, was hit with two analyst downgrades Wednesday.
Morgan Stanley downgraded the stock and Credit Suisse slashed its price target, citing difficulties from a surplus of iron ore pellets in the Great Lakes region. The stock closed at $18.46, off 14%.
In Canada, gold stocks caught fire as Centerra Gold Inc. (TSX: T.CG, Stock Forum) gained 3.6% to $6.27. Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum) added 2% to close at $29.90.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report