• TSX -99.13 to 13,183.79 (Reuters)
Marked its seventh straight loss on Wednesday, falling to its lowest level since early January as fears over the global economy intensified and metal prices weakened. The index closed below its 200-day moving average for the first time since last August -- a bearish signal for many investors.
• DOW -21.87 to 12,048.94
• Dollar -.44c to 102.07c USD
• Oil +$1.65 to $100.74USD per barrel
Jumped after a meeting of the Organization of Petroleum Exporting Countries broke with the announcement that current production levels will be maintained. There had been wide speculation that the cartel would hike production in order to lower high crude prices that are blamed for hobbling the economic rebound. One OPEC delegate said that Iran , Venezuela and Algeria refused to consider such an increase, which was backed by Saudi Arabia.
• Gold -$5.20 to $1538.70 per ounce
Material prices eased after a speech by U.S. Federal Reserve Chairman Ben Bernanke on Tuesday depressed market sentiment. While Bernanke gave a bleak assessment of the U.S. economy, he offered no hints of further U.S. monetary easing.
• Canadian 5 yr bond yields markets -.03bps to 2.22. The spread (based on MERIX 5 yr published rate of 3.89%) is above the comfort zone at 1.67. The spread based on the quick close of 3.69% is 1.47.
