Published: Tue, March 13, 2018
Finance | By Claude Patterson

Toronto stocks, loonie close higher, while United States markets mixed

Toronto stocks, loonie close higher, while United States markets mixed

The S&P 500 technology sector gained 0.31% for the day.

Shares of Broadcom jumped 3.2 per cent after a Wall Street Journal report that Intel is considering bidding for the chip company, which has undertaken a hostile campaign to buy Qualcomm.

General Electric rose 2.2 percent and was the biggest boost to the Dow.

Traders of USA short-term interest-rate futures kept bets the Federal Reserve will stick to three rate hikes this year.

In the bond market, U.S. Treasury prices edged higher, pushing yields lower; the benchmark 10-year yield slipped 2 bps to 2.87% as a $21B 10-year note auction drew a high yield of 2.889% on a bid-to-cover of 2.50, slightly above the average of the prior 12 auctions.

However, the S&P and the Dow have almost reclaimed those losses.

The broad-based S&P 500 added 0.2 per cent at 2,792.63, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 7,585.93.

"Even as the markets are looking fairly positive in general, especially south of the border, it's really a very narrowly-focused group of technology stocks that are carrying nearly all of the gains".

The Dow Jones Industrial Average closed at 25,178.61 for a loss of -157.13 points or -0.62%.

Last week's gains were also supported by U.S. President Donald Trump's softer stance on his decision to impose import tariffs on steel and aluminum by exempting Canada and Mexico. However, trade turned lacklustre through the course of the session as investors exercised caution ahead of data on inflation, retail sales, housing and industrial production, due in the coming days.

Ten of the 11 major S&P sectors were higher, led by 0.62 percent gain in consumer discretionary stocks. On the Nasdaq, 1,509 issues rose and 860 fell.

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