• TSX -179.24 to 12,007.47 (CP)
As investors fretted about whether the U.S. and global economies are headed for another recession that could punish corporate earnings and sap consumer confidence. Traders digested comments from Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney, who testified before the Parliamentary finance committee about the state of Canada's economy after two weeks of frenzied trading on stock markets. Flaherty told the committee the current global economic turmoil will impact the Canadian economy, but so far his budget projections remain on track. Carney, said the U.S. is facing its weakest recovery since the Depression, but is not headed toward another recession.
• DOW -172.93 to 10,817.65
Investors have been trading emotionally since the beginning of August and the latest push into panic mode was a woeful manufacturing survey Thursday from the Federal Reserve Bank of Philadelphia
• Dollar -$.02c to 101.15c USD.
• Oil -$.12 to $82.26USD per barrel
• Gold +$30.00 to $1848.90 USD per ounce closed at its latest record high after earlier spiking as high as $1881.
• Canadian 5 yr bond yields markets 0bps to 1.41.
The spread (based on the NEW MERIX 5 yr rate published rate of 3.59%) is above the comfort zone at 2.18. The spread based on the NEW 5yr quick close rate of 3.39% is above the comfort zone at 1.98
