Tuesday, April 15th7.6°C
20923
20447

TSX climbs fiscal cliff fears

The Toronto stock market was higher after two days of losses amid worries about the knock-on effects from the U.S. economy going over the so-called fiscal cliff.

The S&P/TSX composite index climbed 25.87 points to 12,216.92 while the TSX Venture Exchange added 3.6 points to 1,302.28.

The fiscal cliff label refers to a string of tax increases and steep spending cuts to the tune of US$600 billion set to go into effect Jan. 1 unless Democrats and Republicans can come together and arrange a deficit-cutting compromise. Failure to do so would likely tip the U.S. back into recession and drag down other economies with it.

Bank of Canada governor Mark Carney says the fiscal cliff is the most imminent threat facing the Canadian economy.

Traders found little comfort from an early afternoon announcement by President Barack Obama that he is inviting congressional and business leaders to a meeting next week for talks aimed at finding a compromise.

But he made it clear that spending cuts must be combined with new revenue, adding he would not accept any approach that isn't balanced and includes the wealthy paying more taxes.

The Canadian Press


Read more Business News

21646


Recent Trending




Today's Market
S&P TSX14303.92+19.49
S&P CDNX992.10-3.91
DJIA16262.5689.32
Nasdaq4034.161+11.467
S&P 5001842.98+12.37
CDN Dollar0.9105-0.0003
Gold1298.70-1.30
Oil103.81+0.06
Lumber325.00+0.80
Natural Gas4.551-0.016

 
Okanagan Companies
Pacific Safety0.11-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.08
Cantex0.045-0.005
Anavex Life Sciences0.38-0.0175
Metalex Ventures0.0750.00
Russel Metals30.27-0.12
Copper Mountain Mining2.32-0.07
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20820

FEATURED Property
1915317232 3505 38th Street
3 bedrooms 2 baths
$99,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


US Fed assures on interest rates

The Big Picture US Fed assures on interest rates The week got off to a good start with supportive comments from Fed chief Janet Yellen who assured the markets that low interest rates were here to stay...

_



21604

21641


Member of BC Press Council


21202