Stockhouse @ the Bell: Stocks up, S&P 500 hits 5-year high

Stockhouse Editorial
0 Comments| January 22, 2013


Today in the markets 

U.S. stocks gained Tuesday, with the S&P index posting its longest winning streak in nearly six weeks as Wall Street continued to embrace quarterly results

Canadian stocks were also higher, as Canada’s main stock index hit a near 18-month high, led by the materials sector.

The S&P/TSX Composite rose 30.38 points to 12,824.63, while the TSX Venture Exchange edged up 4.47 points to close at 1,241.07. 

Active stocks included Travelers Cos. Inc. (NYSE: TRV, Stock Forum), which rose 2.1% to $77.95 as investors applauded the insurer’s fourth quarter results.

In Canada, CIBC has cut its stock price target for Canadian Natural Resources Ltd. (TSX: T.CNQ, Stock Forum) (NYSE: CNQ, Stock Forum) to $34 from $35 on valuation changes due to the changing macro sentiment. The stock reacted by easing 0.82% to $30.19.

Inmet Mining Corp. (TSX: T.IMN, Stock Forum) asked its shareholders to reject First Quantum Minerals Ltd's TSX: T.FM, Stock Forum) $5.1-billion hostile offer, terming the bid inadequate. Inmet was up 0.49% to $71.29, while First Quantum fell 1.9% to $20.92.

For news about small stocks that made big moves in Tuesday’s trading, please read the

Stockhouse Canadian Small and Micro-cap Stock Report


Tags: INDUSTRIAL METALS & MINERALS OIL & GAS E&P INSURANCE - PROPERTY & CASUALTY STOCKS

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