23:00:49 EDT Thu 16 May 2024
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Globe/wire say TSX ends flat amid frayed market nerves

2023-10-05 08:43 ET - In the News

The Globe and Mail reports in its Thursday edition that U.S. stock indexes ended higher on Wednesday as the latest economic data showed U.S. private payrolls increased less than expected in September. A Reuters dispatch to The Globe says that North American bond yields eased. Canada's main stock index ended nearly unchanged, as gains were capped by a sharp drop in oil prices that weighed on energy shares amid global growth concerns. The day's rally in bonds was likely short-lived, with the September U.S. unemployment report on Friday now the market's next focus, said Kim Rupert, managing director at Action Economics in San Francisco. "The sell-off has been really dramatic. It's been rapid. It's been huge," Ms. Rupert said. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." Ms. Rupert referred to the ADP National Employment Report that showed U.S. private payrolls rose by 89,000 jobs in September, the smallest gain since January, 2021. Market expectations for a rate hike in November slid to a 23.7-per-cent chance from 28.2 per cent on Tuesday. The S&P/TSX Composite Index ended up 13.89 points at 19,034.81, after posting on Tuesday its lowest closing level in one year.

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