Rio Tinto CEO pays the price of calamitous acquisitions
Economic gap between Eastern, Western Canada to narrow: BMO
The strengthening housing recovery appears to have shown up in construction employment, which rose 30,000 in December. With sectoral employment down over two million off its 2006-2007 peak, we expect the construction sector to add more than half-million jobs over the course of this year.
The weekly numbers are subject to a lot of seasonal volatility, but the overall trend suggested an improving landscClosing Bell Stock markets end higher on rising commodity prices strong US data stock marketingape.
Industrials were also higher as Bombardier Inc. gained four cents to $4.08.
Boeing shares gained 1.24% following a string of losses even as U.S. and European authorities grounded the companys 787 Dreamliner, its newest and most technologically advanced airliner, until the risk of battery fires is resolved. Boeing stock dropped 3.4% the day before.
ECONOMIC NEWS
Calgarys Dr. Alan Ulsifer of FYidoctors named Canadas Ernst &307 width=372 height=307 />
On the earnings front, Bank of America shares were down 4.24% after it fell well short on revenue expectations.
The chief executive of mining giant Rio Tinto PLC and another senior executive stepped down after the company announced $14 billion in writedowns from its Alcan aluminum business and a coal company in Mozambique. Its shares were off 21 cents to US$54.82 in New York.
The gold sector was the only TSX decliner, down about 0.3% as February bullion erased early losses to gain $7.60 to US$1, Free insurance info690.80 an ounce. Kinross Gold Corp. ded 12 cents to C$9.37.
Boeings Dreamliners grounded around the globe until safety concerns resolved
Prices were also supported by an attack on a natural gas plant deep in the Sahara in Algeria. Islamist militants are holding dozens of hostages.
CANADA
Weekly unemployment benefit applications in the U.S. fell 37,000 to a seasonally adjusted 335,000. Thats comparable to numbers seen just after the recession began.
Canada right to walk away from Orwellian doublespeak on Internet regulation at UN meeting: delegate
On the earnings front, chip giant Intel reported quarterly earnings of 48 cents US a share, Free legal information three cents better than analyst forecasts. Its shares were up 1.1% in after market trading in New York.
In other corporate developments, Sun Life Financial Inc. and the Malaysian state investment company are teaming up to purchase 98% of a Malaysian life insurance company. Sun Life and Khazanah Nasional are purchasing the CIMB Aviva Assurance life insurance company as well as CIMB Aviva Takaful for a total shared cost of $586 million. Sun Life shares gained 30 cents to $28.24.
The consumer discretionary sector was ahead 1.11%, paced by strength in auto parts companies. Linamar Corp. gained $1.34 to $26.75 while Magna International climbed 70 cents to $52.84.
Oil prices headed higher, building on Wednesdays gain of almost $1 after the U.S. Energy Information Administration said crude supplies declined by one million barrels last week. Analysts polled by Platts had expected a 2.5-million-barrel climb.
Looking ahead to Friday, traders waited for Chinas growth data to help assess the strength of the global economy. China will release fourth-quarter growth data for 2012 as well as overall P figures for the year.
There is no denying that the housing market recovery is solidifying and we expect construction activity to ramp up to the one million annualized threshold by the end of this year, said TD Bank economist Michael Dolega, adding the improvement in the housing sector is good news for the jobs picture.
H&the news investors were watching today:
Japans two largest air carriers voluntarily grounded their 787s on Wednesday following an emergency landing by one of the planes in Japan.
The base metals sector was up 0.71% as March copper on the New York Mercantile Exchange rose six cents to US$3.66 a pound. Taseko Mines climbed 12 cents to C$3.37 and Teck Resources advanced 43 cents to $36.71 .
8:30 a.m.
The February crude contract gained $1.25 to a four-month high of US$95.49 a barrel and the energy sector gained 0.61%. Canadian Natural Resources was up 59 cents to C$29.33.
Citigroup also registered a big earnings miss, with earnings per share of 69 cents ex-items against the 96 cents that analysts had expected and its shares were down 2.92%.
Alberta powerbrokers throw lifeline to B.C. premier as threat of tougher pipeline fight from NDP looms
Could markets handle a U.S. deult?
The tech sector was the leading advancer on the Toronto market, Online Education up 1.55% with CGI Group ahead 70 cents to $24.86.
Builders broke ground on U.S. houses and apartments at a seasonally adjusted annual rate of 954,000 in December, up 12.1% from November. The report capped off the best year for U.S. home construction since the real estate meltdown.
Research In Motion Ltd. gained 13 cents to $14.68. Its stock has risen over 25% in the last week as investors anticipate the unveiling of RIMs new BB10 product next Wednesday.
ON DECK FRIDAY