Markets move in opposite directions
Posted Aug 11, 2011 8:44 am.
This article is more than 5 years old.
Markets north and south of the border moved in opposite directions at the opening bell Thursday.
Following a volatile day Wednesday on Wall Street where the Dow Jones fell over 500 points, it opened Thursday up 131 points at 10,851, while the NASDAQ opened up close to two per cent higher by picking up 39 points.
Investors are responding to a positive jobs report as the U.S. labour department says that applications for unemployment aid fell 7,000 last week to a seasonally adjusted 395,000. Applications had been above 400,000 for the previous 17 weeks.
Bay Street was a different story Thursday morning; looking for its third straight day of gains the TSX dropped 133 points within 30 minutes of the opening bell, shedding just over one-per cent.
Losses on the TSX can be traced to lower commodity prices as gold was in decline over $20, while oil was also trading down by close to a dollar at times.
