Economy

TSX up 28 points in early trading; United States stocks mixed

TSX up 28 points in early trading; United States stocks mixed”

The Dow and S&P 500 pulled back 4.1% and 3.9% respectively, last week.

"The market is looking for a new sustainable valuation level for both stocks and bonds, and that to me is the underlying catalyst", said Jim Paulsen, chief investment strategist at Leuthold Grup in Minneapolis. The major indexes had also notched record highs.

What's your portfolio strategy during this round of market turmoil?

The Dow's point loss would be its biggest of all time, though in percentage terms, its 5.6 per cent decline wasn't as big as its worst drop during the financial crisis.

Meanwhile, the S&P 500 was up 46.20 points at 2,695.14 and the Nasdaq composite index was up 148.35 points at 7,115.88.

Stocks in Europe also fell Monday, as Britain's FTSE 100 lost 1.5 per cent while France's CAC 40 slid 1.5 per cent.

BNN's Amanda Lang tells us her thoughts on Monday's sell-off in North American markets, with the Dow Jones Industrial Average falling more than 1,000 points. Treasury prices and yields move in opposite directions.

In currency markets, the Canadian dollar closed at an average trading value of 79.81 cents United States, down 0.30 of a USA cent. The DAX in Germany shed 0.8 per cent. It fell as much as 1.2% and had risen as much as 0.5%.

The March crude contract was down 76 cents to US$63.39 per barrel and the March natural gas contract was up one cent to US$2.76 per mmBTU. Copper prices declined 0.6 per cent to $7,079 a tonne.

The Toronto Stock Exchange's S&P/TSX composite index was up 34.30 points to 15,398.23, after 90 minutes of trading on Wednesday. All of the index's 10 main groups were in negative territory.



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