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.
Read more Business News
- 102nd birthday boat cruiseKelowna
- Fundraising effort with a twistKelowna
- Burning pole cuts powerWest Kelowna
- Search on for missing manWest Kelowna
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.24||0.00|
|Copper Mountain Mining||2.91||-0.05|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.25||+0.01|
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...
Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...
Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...