TSX negative as commodity stocks resume selloff;NY up on mortgage sector rescue
TORONTO - The Toronto stock market turned negative half-way through the Monday session.
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The market had soared more than 350 points in the early going as investors reacted positively to the U.S. government’s takeover of mortgage giants Fannie Mae and Freddie Mac
But financials pared early gains and the energy sector turned lower, taking the S&P/TSX composite index down 19.74 points to 12,796.68.
A commodity-led tumble erased almost a thousand points or 6.6 per cent from the main index last week as investors grew increasingly dismayed over global economic prospects.
The Canadian dollar moved down 15-100ths to 93.5 cents US.
The Dow Jones industrials was also off early highs, ahead 147.94 points to 11,368.9 after also sustaining steep losses last week.
The Nasdaq composite index was down 6.05 points to 2,249.83 after the weekend announcement that the U.S. Treasury Department was seizing control of the companies, which own or back about half the mortgage debt in the U.S.
And oil prices in New York declined 47 cents to US$105.76, after rising to almost US$110 earlier in the session on concern that OPEC will cut production in order to maintain a floor of about US$100 a barrel.
Source: Yahoo Finance
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