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· TSX +87.18 to 14,087.18 led by mining stocks as copper prices rallied and gold hit another record high
· DOW +14.43 to 12,086.02 New York markets were also higher despite more dismal news from the housing sector. The U.S. Commerce Department says that buyers of new homes plunged in February to the fewest on records dating back nearly half a century. Sales fell 16.9 per cent to a seasonally adjusted annual rate of 250,000 homes while the median price of a new home dropped nearly 14 per cent to US$202,100.
· Dollar -.08c to 101.97c USD closed lower against the American currency amid higher oil prices and the likelihood of a spring federal election after all three opposition parties immediately rejected Finance Minister Jim Flaherty’s new budget. Oil prices will continue to be the most important driver for the Canadian dollar. The US dollar was higher as Europe’s debt market jitters flared up again Wednesday on the eve of a summit where EU leaders plan to complete their crisis-fighting plan, as investors worried particularly about the near-term fates of Portugal and Ireland
· Oil +$.78 to $105.75USD per barrel as unrest in the Middle East keeps traders nervous about possible crude supply disruptions. Oil has jumped 24% since Feb 14.
· Gold +$10.40 to $1438.00 per ounce hitting a fresh record high
· Canadian 5 yr bond yields markets +.01bps to 2.58. The spread (based on the MERIX 5 yr rate published rate of 4.04%) is at the centre of the comfort zone at 1.46
(courtesy of Barb Morgan, DBD Ontario Southwest)
