Today in the markets
U.S. stocks tumbled Wednesday as investors focused on how President Obama can avoid the fiscal cliff. The Dow fell below 13,000 for the first time since September 3.
Canada’s main index was also lower, weighed down by significant earnings misses in the resources and industrials sectors. Coal stocks were particularly hard hit.
The S&P/TSX Composite Index dropped 130.61 points to 12,230.59, while the TSX Venture Exchange eased 12.43 points to close at 1,290.71.
Active stocks included Boeing Co. (NYSE: BA, Stock Forum), which closed down 2% at $70.11 after the company said it plans to reduce the number of executives at its Boeing Defense, Space & Security unit.
Apple Inc. (NASDAQ: AAPL, Stock Forum), shares skidded 3.8% to $558. Reports out of Taiwan indicate that a key Apple manufacturing partner is struggling to meet demand for the iPhone 5.
In Canada, coal stocks took a beating as Barack Obama’s push against fossil fuels looks set to continue. Teck Resources Ltd. in (TSX: T.TCK.B, Stock Forum) and (TSX: T.TCK.A, Stock Forum) eased 1.5% to $33.02.
Agrium Inc. (TSX: T.AGU, Stock Forum) (NYSE: AGU, Stock Forum) and Enbridge Inc. (TSX: T.ENG, Stock Forum) (NYSE: ENB, Stock Forum) both released quarterly financial results that came in below analyst estimates. Agrium was down 11% to $95.03, while Enbridge fell 1.7% to $39.39.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report