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Canadian stocks founder on Fed easing views

27 Oct News | Comments

CHICAGO (MarketWatch) — Canadian stocks fell Wednesday, led by gold mining and energy stocks, as investors pared expectations for the size and speed of an expected monetary stimulus from the Federal Reserve. The S&P/TSX Composite Index fell 145.85 points, or 1.15%, to 12,538.83. A report in Wednesday’s Wall Street Journal saying the Fed’s purchase of Treasury bonds will likely be limited to a few hundred-billion dollars over several months, in contrast with trillions spent during the financial crisis, helped strengthen the dollar. That weighed on commodities, often seen as an alternative store of value to currencies. Canada’s main gold index fell 1.8%, led by a 3.5% loss in Eldorado Gold Corp. . Canada’s energy index dropped 1.3% as crude oil futures also retreated 84 cents, or 1%, to $81.74 a barrel on the New York Mercantile Exchange.

 

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