After seeing a very modest gain this morning, oil is pulling back again and taking the TSX with it. The Bay Street Index is only up 11 points at 15,381, held back by the fall in the energy sector as the price of US crude slips to 61.22 a barrel. The fall comes from reports of higher production in the US.
Across the border the Dow is a bit subdued as investors wait to hear new details from a US Federal Reserve meeting. The Wall Street Index is up 15 points to 26,195. US policymakers are expected to make a decision today on the possibility of another interest rate hike in December.
Bombardier’s stock is slipping after the company announced massive layoffs, about 5,000 over a year a half to save money and pay off debt.
The price per share is down 16 per cent to 2.67.