Mid-morning report: stocks up on jobs data

Stockhouse Editorial
0 Comments| November 8, 2013


The TSX composite rose 70.67 points to 13,364.87 in mid-morning trading on Friday. The Dow was up 72.00 to 15,665.98, while NASDAQ gained 44.51 to 3,901.84.

Revolver Resources Inc. (TSX: V.RZ, Stock Forum) was up 100% to $0.03 after the exploration and development company presented a new 3D IP model based upon the results of the IP (resistivity/chargeability) survey carried out on its Summit B property located in the Iskut area of northwestern British Columbia, Canada. The model reveals a strong 2.0 kilometre long-500 metre wide, NW-oriented ovoid chargeability anomaly with values reaching over 35 mV/V accompanied by low resistivity signatures.

Stocks were up as a better-than-forecast job reports added to signs growth is strong enough for the economy to withstand a stimulus reduction.
 
Statistics Canada reported that the economy created 13,200 jobs last month while the jobless rate held steady at 6.9%. Economists had expected that about 11,000 jobs would be created.
 
The U.S. Labor Department reported that the economy cranked out 204,000 jobs, far above the approximately 120,000 reading that was expected. The jobless rate ticked up 0.1 of a point to 7.3%, reflecting the huge temporary layoffs that resulted from the partial U.S. government shutdown during early October.
 
The price of gold fell US$22.62 to US$1,285.12 an ounce, while silver slipped US$0.31 to US$21.35 an ounce.

Tags: INDUSTRIAL METALS & MINERALS

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