MONEY IN BRIEF

The Prince George Citizen - - Money -

Cur­ren­cies

These are in­dica­tive whole­sale rates for for­eign cur­rency pro­vided by the Bank of Canada on Thurs­day. Quo­ta­tions in Cana­dian funds.

The mar­kets to­day

Canada’s main stock in­dex closed lower along with U.S. in­dexes as mixed earn­ings re­sults put pres­sure on mar­kets and ques­tions grew about global growth.

The S&P/TSX com­pos­ite in­dex ended down 123.64 points, or 0.74 per cent, at 16,488.20 as en­ergy and ma­te­ri­als stocks weighed.

The re­sources sec­tors fell as some pro­duc­ers beat and oth­ers missed earn­ings ex­pec­ta­tions, while news that the Euro­pean Cen­tral Bank sig­nalled it was open to low­er­ing in­ter­est rates raised con­cerns about the pace of global growth. The en­ergy in­dex closed down 2.9 per cent as ma­jor names like Husky En­ergy closed down 6.13 per cent and En­bridge Inc. was down four per cent. The ma­te­ri­als in­dex ended down 1.8 per cent as Cameco Corp. closed down 7.65 per cent.

In New York, the Dow Jones in­dus­trial av­er­age closed down 128.99 points at 27,140.98. The S&P 500 in­dex ended down 15.89 points at 3,003.67, while the Nas­daq com­pos­ite was down 82.96 points at 8,238.54.

Ma­jor names like Ford Mo­tor Co., Tesla Inc., and Amer­i­can Air­lines Inc. fell on earn­ings and re­vised guid­ances, though many com­pa­nies have beat ex­pec­ta­tions.

Over­all, the earn­ings pic­ture is still look­ing pos­i­tive, said Al­lan Small, se­nior in­vest­ment ad­viser at Hol­lisWealth.

“I think things look re­ally good, a lot bet­ter than be­fore. Now, one can ar­gue that the bar was re­ally low go­ing into this earn­ings sea­son, so maybe these com­pa­nies are beat­ing a low­ered num­ber from pre­vi­ous, but they’re beat­ing none the less.”

He said that some com­pa­nies in­clud­ing in the tech sec­tor have seen strong gains so in­vestors might be bank­ing prof­its.

“I think you’re look­ing at a mar­ket that is at all-time highs and has had a bit of a run here, and I guess some in­vestors took some off the ta­ble.”

The Cana­dian dol­lar av­er­aged 76.07 cents US, down from an av­er­age of 76.12 Wed­nes­day. The Septem­ber crude con­tract closed up 14 cents at US$56.02 per bar­rel and the Septem­ber nat­u­ral gas con­tract was up 2.5 cents at US$2.23 per mmBTU. The Au­gust gold con­tract closed down $8.90 at US$1,414.70 an ounce and the Septem­ber cop­per con­tract was down a penny at US$2.70 a pound.

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