No Energy Here...

At the open: No energy here


Thursday, September 24, 2009


North American stock market indexes rose slightly at the start of trading on Thursday, driven by a better-than-expected report on U.S. jobless claims that suggest the labour market there is stabilizing.

The Dow Jones industrial average rose 39 points or 0.4 per cent, to 9788. The broader S[amp]amp;P 500 rose 3 points or 0.3 per cent.

Financials moved higher, with JPMorgan Chase [amp]amp; Co. up 1.1 per cent and Bank of America Corp. up 0.7 per cent. As well, Microsoft Corp. rose 1 per cent after it said that it was not interested in acquiring video game maker Electronic Arts Inc.

Meanwhile, Chevron Corp. fell 0.5 per cent and Intel Corp. fell 0.6 per cent.

In Canada, the S[amp]amp;P/TSX composite index rose 5 points, to 11,522.

Financials were generally higher, with Royal Bank of Canada up 0.7 per cent and Sun Life Financial Inc. up 0.4 per cent. As well, Barrick Gold Corp. rose 2.3 per cent after the price of gold moved higher.

However, energy stocks were a drag on the index, after the price of crude oil fell below $68 (U.S.) a barrel, continuing a selloff that began on Wednesday after a report showed rising U.S. inventories. Suncor Energy Inc. fell 1.4 per cent and Talisman Energy Inc. fell 2 per cent.[amp]nbsp;


© Copyright The Globe and Mail