Stocks down in early trading as World Bank cuts growth forecasts

Canadian Press, The Canadian Press
1 Comment| June 11, 2014

TORONTO _ North American stock markets were lower Wednesday, as the indexes continued to retreat from the near-record levels hit in the last few sessions.

The S&P/TSX composite index pulled back 37.44 points to 14,866.94. The Canadian dollar gained 0.26 of a cent to 91.97 cents US.

Some had predicted that the Toronto market would soon hit its record-close of 15,073, set in June 18, 2008, just before the recession brought stock values down. But that may not be the case as the TSX searches for some direction with little economic data or earnings news in the near-future.

In the U.S., the Dow Jones industrials dropped 62.51 points to 16,883.41, the Nasdaq fell 12.63 points to 4,325.37, while the S&P 500 dipped 5.67 points to 1,945.12.

The World Bank has said it plans to cut its 2014 growth forecast to 2.8 per cent from 3.2 per cent, citing a bitter American winter and the political crisis in Ukraine. However, recent data such as solid U.S. hiring and stronger Chinese exports in May suggest prospects for growth in the second half of the year aren't all pessimistic.

On the commodity markets, the July crude contract on the New York Mercantile Exchanged gained two cents to US$104.37 a barrel.

August bullion climbed $2.60 to US$1,262.70 an ounce and July copper dipped penny to $3.05 a pound.

Tags: GOLD

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June 14, 2014
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