The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Canada’s main stock in­dex moved lower Thurs­day even as the Dow Jones in­dus­trial av­er­age closed above 27,000 for the first time. The Dow rose pri­mar­ily on the White House killing its own re­bate rule de­signed to ease costly med­i­ca­tions for those on Medi­care by let­ting them re­ceive re­bates that drug mak­ers now pay to in­sur­ers and mid­dle­men.

That helped United Health Group Inc., whose shares climbed 5.4 per cent and pushed the Dow up 227.88 points at 27,088.08.

Other U.S. stock mar­kets were rel­a­tively flat a day af­ter re­spond­ing positively to the Fed­eral Re­serve chair­man’s con­fir­ma­tion that in­ter­est rates will likely be cut in a cou­ple of weeks.

The S&P 500 in­dex was up 6.84 points at 2,999.91, while the Nas­daq com­pos­ite was down 6.49 points at 8,196.04.

The S&P/TSX com­pos­ite in­dex lost 35.39 points at 16,527.90, with Can­nTrust Hold­ings Inc. con­tin­u­ing a string of de­clines since it dis­closed some pro­duc­tion was done in un­li­censed grow­ing rooms.

Eight of the 11 ma­jor sec­tors were lower led by health care which fell 2.9 per cent. The Au­gust gold con­tract was down US$5.80 at US$1,406.70 an ounce and the Septem­ber cop­per con­tract was down 0.65 of a cent at US$2.69 a pound. The en­ergy sec­tor was down marginally as crude prices dropped.

The Au­gust crude con­tract was down 23 cents at US$60.23 per bar­rel and the Au­gust nat­u­ral gas con­tract was down 2.8 cents at US$2.42 per mmBTU. Telecom­mu­ni­ca­tions, in­dus­tri­als and con­sumer dis­cre­tionary were slightly higher on the day. Co­geco Inc. was the big win­ner, gain­ing 6.2 per cent fol­low­ing the re­lease of its third-quar­ter re­sults and com­ments from the CEO that there’s still room to in­tro­duce “rea­son­able” price in­creases de­spite com­pe­ti­tion from other tech­nolo­gies.

The Cana­dian dol­lar traded at an av­er­age of 76.51 cents US, up com­pared with Wed­nes­day’s av­er­age of 76.38 cents US.

The loonie rose as in­ter­est rates are mov­ing along dif­fer­ent paths in the two coun­tries, said Cho­pra.

Ex­pected cuts by the Fed are putting pres­sure on the U.S. dol­lar while sta­ble rates by the Bank of Canada are strength­en­ing the Cana­dian dol­lar.

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