Stocks slip ahead of Fed’s minutes release

Stockhouse Editorial
0 Comments| January 8, 2014

The TSX composite lost 10.17 points to 13,586.76 in early trading on Wednesday. The Dow was down 48.23 to 16,482.71, while NASDAQ fell 1.53 to 4,151.66.

Montreal-based CAE Inc. (TSX: T.CAE, Stock Forum) says it has secured contracts worth more than $110 million, not including options, to provide a range of training systems and services for defence customers. The contracts are with the United States Navy, the Royal Danish Navy and the Mexican Air Force.

The Canadian dollar was lower Wednesday, hitting fresh multi-year lows as the greenback strengthened in the wake of strong U.S. jobs data. The currency fell another 0.32 of a cent to 92.51 cents US after falling over a cent Tuesday to its lowest close since late 2009.

Stocks fell as investors looked ahead to the afternoon release of the minutes from last month's U.S. Federal Reserve meeting.

A private survey shows U.S. businesses added the most jobs in a year in December, powered by a big gain in construction jobs. The figures add to evidence that the economy gained momentum at the end of 2013.

Payroll processor ADP said Wednesday that companies added 238,000 jobs in December, up slightly from 229,000 in the previous month. November's figures were revised higher.

The price of gold fell US$9.10 to US$1,223.00 an ounce, while silver dropped US$0.45 to US$19.42 an ounce.


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