logo-loader

Dow, S&P, NASDAQ, and TSX Retreat On Uncertain Economic Outlook

Published: 10:52 23 Sep 2010 AEST

no_picture_pai

US stock markets fell as traders mulled over the implications of another round of monetary stimulus from the Federal Reserve. 

Yesterday, the Federal Reserve said that it "is prepared to provide additional accommodation if needed to support the economic recovery." The statement is a signal that the Fed may further buy Treasury and mortgage bonds to keep interest rates low in order to support economic growth.  Earlier this year, the Fed resorted to those measures to boost a weakened economic recovery.

The S&P, NASDAQ, and Dow Jones fell 0.5%, 0.7%, and 0.2%, respectively. 

Liberty Media (NASDAQ:LINTB) was one of the biggest gainers on the US markets for a second consecutive day, jumping 11.87%.  TriQuint Semiconductor  (NASDAQ:TQNT), Brocade Communication Systems (NASDAQ:BRCD), and Carmax (NYSE:KMX) all made huge gains as well, rallying 10%, 9% and 7.6%, respectively.

Adobe Systems (NASDAQ:ADBE) plunged 19% as its fourth-quarter earnings and revenue guidance fell below market expectations. Catalyst Health Solutions (NASDAQ: CHSI) also posted large losses, declining by almost 12%. 

Commodities

Crude oil futures retreated 0.5% to trade at $78 per barrel.  Gold, silver and copper futures all rallied, advancing 1.4%, 2.47%, and 2.51%, respectively. 

Canadian markets

The S&P/TSX index fell 0.2% to trade at the 12,146 level.

Only three of the Canadian sector indices posted gains. The metals and mining sector rallied on the back of strong commodity prices; it posted a gain of 1.2%.  The telecom sector also racked up a gain of 0.3%. 

The financial and health care sector posted the largest losses, retreating 1% and 0.8%, respectively.

Manulife Financial (TSX: MFC) and Sun Life Financial (TSX: SLF) led the way in declines by plunging 4.6% and 3.8%, respectively.  Lululemon Athletica (TSX: LLL) and Domtar (TSX: UFS) also posted losses, retreating about 3% each.

Large gainers include Shaw Communications (TSX-V:SJR.A) and Romarco Minerals (TSX-V: R), which rallied 3.5% and 3.67%, respectively. 

Teck Resources (TSX: TCK.A) also rallied, gaining 3.4% after announcing it entered into a joint venture agreement with Suncor (TSX: SU, NYSE:SU) to develop a wind farm in Alberta.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

10 hours, 35 minutes ago