Stockhouse @ the Bell: Stocks plunge on emerging market concerns, TSX down 215 points

Stockhouse Editorial
0 Comments| January 24, 2014

Today in the markets  

U.S. stocks dropped Friday following a selloff in emerging market assets, growing concerns in China and expectations of further tapering from the Federal Reserve.

Canadian stocks also plunged as emerging market worries persuaded investors to avoid riskier assets like equities and commodities.

The S&P/TSX Composite fell 215.21 points to 13,717.76, while the TSX Venture Exchange closed down 16.08 points at 967.31.

Active stocks included Proctor & Gamble Co. (NYSE: PG, Stock Forum), which advanced 1.2% to $79.18 and led the Dow’s gainers after the world’s largest household products maker reported lower quarterly profit, but kept its 2014 sales forecast unchanged.

Bristol-Myers Squibb Co. (NYSE: BMY, Stock Forum) reversed earlier gains and dropped 5.6% to $50.94 soon after the pharmaceutical company reported a better than expected rise in revenue and earnings.

In Canada, Barrick Gold Corp. (TSX: T.ABXStock Forum) fell 1.8% to $21.05 after the company’s CEO said Thursday it will use a lower-than-expected gold price to estimate bullion reserves, a move that could make some of its gold economic and potentially result in more asset writedowns.

Penn West Petroleum Ltd. (TSX: T.PWT, Stock Forum) jumped 3.2% to $8.14 after the company’s CEO said the company is in the midst of a big cultural shift, focused less on churning out as much oil as possible and more on profitability.

``I lot of people get hung up on barrels,'' said David Roberts, the former Marathon Oil executive who took the reins of Penn West in June. ``Barrels don't matter unless you're making money.''

For news about small stocks that made big moves in Friday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report


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