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
- Charged with 1st degree murderBC
- Rockets teeter on the brinkSports
- Fired for not getting flu shotPenticton / S. Okanagan
- Snow plow issue ongoingVernon / N. Okanagan
|QHR Technologies Inc||1.22||+0.01|
|Anavex Life Sciences||0.38||-0.005|
|Copper Mountain Mining||2.33||-0.05|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||0.00|
Our ability to live beyond our years has nothing to do with medical science; we will all live longer than our physical bodies, each of us will leave behind a personal legacy made up of our deeds, our ...
With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...