TSX higher as gold and oil prices slip, U.S. markets flat

At mid-afternoon, the S&P/TSX composite index was down 18.61 points at 13,298.91, led by a big retreat among gold miners as the price of bullion continued to fall lower.

The Canadian dollar was off 0.04 of a US cent at 75.05 cents U.S.

Oil and natural gas producers fared better – the group slipped 0.8 percent – despite a 2.6 percent drop in crude oil, which one analyst said may indicate a recent sell-off had gone far enough and that investors are betting on crude prices stabilizing.

NY markets saw little change as the Dow Jones industrial average rose 6.49 points to close at 17,489.50, the broader S&P 500 index fell 2.75 points to 2,050.44 and the Nasdaq climbed 1.4 points to 4,986.01.

“Although statistically and historically most of the market knew that it wasn’t going to be a massive correction”, he added.

Gold prices fell to their weakest since 2010, under pressure from expectations the Federal Reserve is set to raise US interest rates for the first time in almost a decade.

“We’re still dealing with the overhang of uncertainty going into December”, Pyle said.

The rise suggests that US manufacturers may be overcoming challenges they have faced for most of this year, including a high American dollar and slow overseas growth.

Meanwhile, traders also took in a few new economic data, including a Labor Department report that the USA consumer price index rose 0.2 per cent in October after falling the previous two months.

In corporate news, Marriott global is buying rival hotel chain Starwood for US$12.2 billion in cash and stock. Half of the 10 main groups fell. The stock later regained a bit of ground, closing at $12.