Monday, October 20th14.4°C
23836
22952

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

23718


Recent Trending




Today's Market
S&P TSX14227.68+174.71
S&P CDNX810.1318.20
DJIA16380.41263.17
Nasdaq4258.438+41.047
S&P 5001886.76+24.00
CDN Dollar0.8877+0.0012
Gold1241.30+2.30
Oil81.85+0.23
Lumber334.60-0.60
Natural Gas3.735-0.031

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.11+0.06
Cantex0.08+0.02
Anavex Life Sciences0.19-0.0015
Metalex Ventures0.05+0.005
Russel Metals32.35+0.87
Copper Mountain Mining1.94+0.09
Colorado Resources0.15+0.005
ReliaBrand Inc0.013-0.0028
Sunrise Resources Ltd0.060.00
Mission Ready Services0.45+0.06

 



23658

FEATURED Property
2090661BANK FORECLOSURE!
$350,000
more details
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22496