Market Update: Thursday June 2, 2011
- TSX -275.00 to 13,527.88 (Reuters) A sell-off across all sectors was triggered by further evidence that the U.S. economy is faltering.
Private payrolls firm ADP said that the U.S. private sector created only 38,000 jobs during May. That was far less than analyst estimates of about 175,000 new jobs in the United States, about the same reading as April. The latest reading on the health of the U.S. manufacturing sector also surprised traders. The Institute for Supply Management’s manufacturing index dropped to 53.5 in May from the previous month's 60.4 reading, much lower than the 57 reading that economists had expected.
- DOW -279.69 to 12,290.14
"It looks like this recovery has hit its second 'soft patch', which for a recovery that is less than two years old is troubling," said Paul Ashworth, chief U.S. economist for Capital Economics.
- Dollar
-.75c to 102.49c USD
Bad news from Canada's largest trading partner and lower oil prices pushed the Canadiana dollar down.
- Oil
-$2.41 to $100.29USD per barrel
Oil prices further weakened following the release of the U.S. data
- Gold
+$6.40 to $1543.20 per ounce
