U.S. and Canadian stocks fell for the second day in a row as investors worried about Washington’s ability to find a solution to the so-called fiscal cliff.
Today in the markets
U.S. stocks tumbled Thursday as investors focused on Europe’s troubles and coming U.S. tax hikes and cuts, offsetting the impact of positive economic reports.
Canada’s main index dropped to its lowest close in over two months, weighed down by the energy and mining sectors after Canadian Natural Resources Ltd. cut its output forecast.
The S&P/TSX Composite Index dropped 39.54 points to 12,191.05, while the TSX Venture Exchange gained 7.97 points to close at 1,298.68.
Active stocks included J.P. Morgan Chase & Co. (NYSE: JPM, Stock Forum), which ended down 0.2% to $40.40, erasing gains that came after it said U.S. regulators had approved the bank repurchasing as much as $3 billion worth of stock.
Apple Inc. (NASDAQ: AAPL, Stock Forum), shares fell 3.6% to $537.75, taking investors deeper into bear market territory, down 20% from their all time high of $705, reached in mid-September.
In Canada, Canadian Natural Resources Ltd. (TSX: T.CNQ, Stock Forum) faded 3.2% to $28.02 after the company posted sharply lower third quarter profits.
Magna International Inc. (TSX: T.MG, Stock Forum) (NYSE: MGA, Stock Forum) shares were up 0.58% to $44.71 on news that founder Frank Stronach is resigning from the board of the auto parts giant he founded in his garage in 1957.
For news about small stocks that made big moves in Thursday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report