TSX Downs Affects Economic Recovery Strength

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This is not a good week for the Toronto Stock Exchange because of the downs in stocks. The United States have also experienced some downs but it did not pull the Toronto stocks up.

Wednesday in Toronto, a 200-point loss was experienced by the Toronto stock market and this is due to their economic recovery strength concerns.

A close down of 248.2 to 10,805.3 happened to the S&P/TSX composite index and this losing of ground was already seen in the last four sessions of trading. The energy group went down by about 3% including all the sub-indices in line with the New York Mercantile Exchange finishing down to $2.09 at $77.49 per barrel in the market. Even though the American Petroleum Institute reported a fall down on the supplies of crude oil by 3.5 million barrels, the drop still happened.

Meanwhile, the Dow Jones Industrial in New York has to settle at 9,762.69 after dropping at 119.48. Due to the data that shows drops in sales of home in the United States last month, which is 3.6% to 402,000, the traders have lost enthusiasm. To compare from the year earlier, the average sales price of US$204,800 was 9.1% lower but compared to August, it is 2.5% higher.

Last month, the sales of durable goods in the United States which includes appliances went up by 1%. But it was reported by the US Commerce that the sector reflected a drop of 2.6% due to orders that were revised down in August.

The Canadian dollar closed at 1.08 cents at 92.72 US cents while gold also went down ending at $1.029.90 an ounce at US$4.80.

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TSX Downs Affects Economic Recovery Strength

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