Today on Stockhouse
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Stimulus damage is already done, says Steven Saville.
David & Eric Coffin talk commodities.
Tom Dyson of DailyWealth explains why he doesn't trust this stock market.
Top Bullboards post: “Comparing Alberta cost standards to that of drilling a well in the zagros region of Iraq - is like comparing apples to BMW's. Of course its going to be expensive!!!!! Just think of the logistical nightmare getting all the equipment in place. Nevermind the people, expertise, security, transport”… – From crudeawakning on the WesternZagros Resources (TSX: V.WZR, Stock Forum) Bullboard.
Top Bullboard: PharmaGap (TSX:V.GAP, Stock Forum) had the most posted Bullboard on Stockhouse Wednesday.
Top blog: jerrio78 discussed what to buy in this market trend on the Noront Repeats History blog.
For news about small stocks that made big moves in Wednesday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
"Bernanke is showing a steady hand on the tiller here. There were no surprises in the [Fed] announcement and you have to assume the Fed is pleased with the economy's progress thus far and don't want to make the mistake of even hinting at tightening too soon," Howard Ward, chief investment officer, Gabelli Asset Management Co. told MarketWatch.American ApparelNYSE: BBINYSE: JWNUrban OutfittersWal-Mart StoresDenison MinesWestern Canadian Coal Corp.
Today In The Markets
Stock markets close positive after Federal Reserve ups view of U.S. economyTSX Venture
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TORONTO, NEW YORK (CP) - The Toronto stock market racked up a slight gain after the U.S. Federal Reserve delivered a relatively upbeat take on the economy while adding that a slow recovery means that interest rates will stay low for "an extended period."
The S&P/TSX composite index rose 30.4 points to 10,659.87 with most of the strength coming from the energy and financial sectors. The TSX Venture Exchange moved ahead 9.18 points to 1,186.02.
The Dow Jones industrials surged 120.16 points to 9,361.61. The Nasdaq composite index gained 28.99 points to 1,998.72, while the S&P 500 index moved ahead 11.46 points to 1,005.81.
Please click here for the complete U.S. and Canadian market summaries.
Kinross Gold (TSX: T.K) After Wednesday’s close, the gold miner reported second-quarter earnings of $19.3 million, or three cents a share, down from a net profit of $26 million, or four cents a share, a year ago. Stripping out a $57.5 million foreign exchange loss and some smaller items, adjusted earnings were 12 cents a share. Analysts expected a profit of 13 cents a share before items. Revenue jumped to $598.1 million from $298.7, while production rose to 560,479 gold equivalent ounces from 406,032. Kinross also said it will increase its dividend by 25% to five cents a share.