Friday, May. 24, 2013 4:28PM EDT

The close: TSX slightly higher, Wall Street mixed

Linda Nguyen

The Toronto Stock Exchange closed slightly higher, pulled down by declines in most sectors, particularly gold, but boosted by a 13 per cent spike in shares of Valeant Pharmaceuticals International.

The S&P/TSX composite index finished up 9.13 points at 12,667.22. The Canadian dollar was down 0.25 of a cent to 96.89 cents US.

Thursday, May. 23, 2013 11:32AM EDT

Nikkei’s nosedive: Blame it on optimism

DAVID BERMAN

Despite the Nikkei 225’s lofty climb in recent months, the 7.3 per cent decline in overnight trading on Thursday has observers scratching their heads.

You can look at the latest reading on China’s weakening economy or the debate the stick-to-it nature of the Bank of Japan’s stimulus policies – but surely global markets have been building up some froth in recent months.

Friday, May. 24, 2013 1:48PM EDT

End of ‘Abenomics’? More like the start of profit taking

DAVID BERMAN

One shocking decline in Japan’s Nikkei 225 and suddenly the success of the country’s monetary and economic reforms – dubbed “Abenomics,” after the new prime minister, Shinzo Abe – are open for debate. Could it be that investors simply wanted to realize some profits?

Japan’s benchmark index has been on a tear, rising as much as 80 per cent since November, before sliding 7.3 per cent in overnight trading on Thursday. The setback followed disappointing Chinese economic data and confusion about where the Federal Reserve stands on reducing the amount of economic stimulus it is currently providing.

Friday, May. 24, 2013 1:11PM EDT

At midday: TSX, Wall Street lower ahead of long U.S. weekend

Linda Nguyen

North American markets were slightly lower Friday following better-than-expected durable goods orders in April that suggested encouraging news for U.S. manufacturers.

The S&P/TSX composite index fell 3.57 points to 12,654.52.

On Wall Street, the Dow Jones industrials average dropped 55.87 points to 15,238.63, the Nasdaq lost 18.42 points to 3,441, while the S&P 500 dipped 9.21 points to 1,641.30.

Friday, May. 24, 2013 9:44AM EDT

At the open: Markets drift lower, Sears Holdings plunges

Darcy Keith

U.S. and Canadian stock markets opened lower, with many investors choosing to take profits ahead of the Memorial Day long weekend instead of risking more equity exposure after the volatility seen on Thursday.

In early trading, the S&P 500 was down 8 points, or 0.4 per cent, at 1,643; the Dow Jones industrial average was down 38 points, or 0.2 per cent, at 15,255; and the S&P/TSX composite index was down 27 points, or 0.2 per cent, at 12,630.

Friday, May. 24, 2013 7:30AM EDT

Premarket: Stocks to see more losses ahead of long U.S. weekend

DARCY KEITH

Stock futures are suggesting modest losses at the open of Canadian and U.S. stock markets this morning, as the volatility in global markets on Thursday has convinced many investors to book some profits after this year's nearly unstoppable bull run on Wall Street.

European markets are also a little lower this morning after a mixed performance in Asia, with Japan's Nikkei index seeing wild swings of more than 3 per cent on both sides of unchanged before closing up just shy of 1 per cent. On Thursday, Japanese stocks plunged more than 7 per cent, as traders lost confidence in equity markets following a rise in bond yields, an unexpected drip in Chinese manufacturing and ambiguous signals from the Federal Reserve as to how long its massive bond-buying program will continue.

Thursday, May. 23, 2013 5:59PM EDT

Stock to watch: Exchange Income offers hefty yield with acquisition tailwinds

SHIRLEY WON

Exchange Income Corp.

Thursday’s close: $26.46

52-week trading range: $22.01 to $29.25 a share

Annual dividend: $1.68 a share for a yield of 6.5 per cent

Analysts’ ratings: There were six buys, three holds and no sells, according to Bloomberg data. Target prices ranged from $28.50 a share as estimated by Raymond James Ltd. analyst Steven Hansen to $37 a share by Stonecap Securities analyst Scott Rattee.

Thursday, May. 23, 2013 5:00PM EDT

The close: Stocks weaker but sharply off session lows

Angela Moon

U.S. stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard’s shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus.

In Canada, the S&P/TSX composite index also closed down, but off earlier lows, dropping 94 points, or 0.7 per cent, at 12,658.

Thursday, May. 23, 2013 4:11PM EDT

Beware the dreaded ‘melt-up’

DAVID BERMAN

Are you prepared for the market melt-up of 2013?

That’s right, melt-up, a loosely defined term that has gained some traction in recent weeks as U.S. stocks tick higher than even the most bullish expectations. In a melt-up, stocks keep rising and rising, diverging from underlying fundamentals.

At the start of the year, Wall Street strategists were expecting the S&P 500 to end the year at 1,531 – a consensus target that was breached as early as mid-February.

Thursday, May. 23, 2013 2:11PM EDT

Finally, signs of progress at Sears Canada

Darcy Keith and Sonali Verma

Inside the Market’s roundup of some of today’s key analyst actions. This post will be updated with more analyst commentary during the trading day.

There’s still a long and difficult road ahead - especially given Target’s arrival this year in the Canadian retail scene - but there are early signs that the turnaround efforts at Sears Canada Inc. are starting to pay off.

Thursday, May. 23, 2013 12:29PM EDT

At midday: Wall Street pares losses, TSX still hurting

U.S. stocks and bonds were little changed on Thursday, with equities rebounding from what traders considered an excessive drop on Wednesday, though concerns remained over the pace of global economic growth.

The midday strength in U.S. equities bucked a worldwide trend of weakness. European shares ended down 2 per cent while Japan plummeted 7.2 per cent on weak data from China and Europe.

Thursday, May. 23, 2013 9:40AM EDT

At the open: TSX, U.S. stocks slide as Nikkei plunge ignites fears

Darcy Keith

U.S. and Canadian stock markets opened with steep losses, as a breathtaking plunge in Japanese stocks overnight created concern that it could foreshadow a broader correction in global equity markets. A surprisingly weak economic report out of China, along with heightened worries that the U.S. Federal Reserve may soon start curtailing its massive bond-buying program, have given investors reason to take some profits after U.S. stocks' relentless climb this year into record territory.

Thursday, May. 23, 2013 7:34AM EDT

Premarket: Stock futures off lows after Nikkei plunge

DARCY KEITH

Stock futures are suggesting significant losses when U.S. and Canadian markets open this morning, but not nearly to the same degree as what was seen overnight in Asia and so far this morning in Europe.

Japan's Nikkei took a brutal fall overnight, losing more than 7 per cent in heavy volumes, as the value of the yen spiked as much as 2.3 per cent against the U.S. dollar. It was the biggest one-day loss in Japanese equities in more than two years, but still only represents a fraction of that market's rally so far this year as investors bid up stocks in the wake of Prime Minister Shinzo Abe's massive stimulus program. Japanese 10-year bond yields surged to their highest level in more than a year.

Wednesday, May. 22, 2013 7:00PM EDT

Target’s spring clouds could have silver lining

DAVID BERMAN

Blaming the weather for poor corporate results isn’t cool, as Target Corp. is now discovering.

Shares of the U.S.-based discount retailer, which recently embarked upon a bold expansion into Canada, slumped 4 per cent on Wednesday after the company reported disappointing results that its chief executive pinned on “seasonal and weather-sensitive categories.”

Wednesday, May. 22, 2013 4:47PM EDT

The close: S&P 500 suffers biggest drop in 3 weeks

Angela Moon

U.S. stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.

Trading was volatile – the Dow and the S&P indexes both rose more than 1 per cent during the morning, but fell more than 1 per cent in the afternoon.

Wednesday, May. 22, 2013 4:53PM EDT

Stock to watch: Wells Fargo a U.S. housing play with rising dividends

SHIRLEY WON

Wells Fargo & Co.

Wednesday’s close: $40.11 (U.S.), down 57 cents, or 1.4 per cent

52-week trading range: $29.80 to $41.10 a share

Annual dividend: $1.20 a share for a yield of 2.9 per cent

Analysts’ ratings: There were 23 buys, 18 holds and 1 sell, according to Bloomberg data. Targets ranged from $37 a share from three analysts to $47 a share by Guggenheim Securities analyst Marty Mosby. The average Street target is $41.10 a share.

Wednesday, May. 22, 2013 2:35PM EDT

Market update: U.S. stocks erase gains on Fed minutes

U.S. stocks fell on Wednesday with a selloff accelerating in late afternoon trade, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.

The minutes followed comments from Chairman Ben Bernanke who said the Fed could decide to scale back the pace of bond purchases at one of the “next few meetings” if the economic recovery looked set to maintain forward momentum.