Newspaper article The Canadian Press

TSX Rises as Traders Look to U.S. Jobs Data, European Central Bank Aid

Newspaper article The Canadian Press

TSX Rises as Traders Look to U.S. Jobs Data, European Central Bank Aid

Article excerpt

TSX up ahead of ECB meeting, U.S. jobs data

--

TORONTO - The Toronto stock market closed higher Wednesday amid hopes that stimulus measures are on the way to help the eurozone recovery and that the U.S. will rack up another month of strong job gains.

The S&P/TSX composite index was ahead 62.1 points to 14,796.79.

The Canadian dollar was down 0.24 of a cent to 91.42 cents as the Bank of Canada announced it was keeping its key rate unchanged at one per cent and indicated they will stay that low for some time to come.

U.S. indexes registered minor gains despite a disappointing read on private sector job creation during May.

The Dow Jones industrials climbed 15.19 points to 16,737.53, the Nasdaq gained 17.56 points to 4,251.64 and the S&P 500 index was 3.64 points higher to 1,927.88.

Payroll firm ADP reported Wednesday that the U.S. private sector created 179,000 jobs during May, the fewest number in four months. That reading came in two days before the release of U.S. non-farm payrolls report for last month. Economists have forecast that about 219,000 jobs were created during May following a much stronger than expected 288,000 gain in April.

Canadian job figures for May also come out Friday and economists expect about 21,000 jobs were created after the economy shed 29,000 the previous month.

The employment news was somewhat offset by other data showing the American non-manufacturing sector expanding at a faster than forecast clip. The Institute for Supply Management said its index rose to 56.3, the highest level since last August and above expectations for a read of 55.5.

Also, the Federal Reserve's latest regional survey shows the U.S. economy strengthening over the past two months in areas from manufacturing and construction to retail sales and bank lending.

Meanwhile, markets are counting on the European Central Bank to announce measures Thursday aimed at giving a lift to the eurozone's weak recovery and saving the region from falling into a deflationary spiral that would choke off growth. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.