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Speaking publicly on the Libor scandal Tuesday, Federal Reserve chairman Ben Bernanke pushed back against suggestions that the Fed should have done more when it learned of potential problems with the benchmark rate. (YURI GRIPAS/REUTERS)
Speaking publicly on the Libor scandal Tuesday, Federal Reserve chairman Ben Bernanke pushed back against suggestions that the Fed should have done more when it learned of potential problems with the benchmark rate. (YURI GRIPAS/REUTERS)

At the open: Markets dip Add to ...

The Toronto stock market was off to a negative start to the trading week as traders look to the U.S. Federal Reserve to come up with another jolt of stimulus to revive a flagging economy.

The S&P/TSX composite index was off 4.01 points to 12,264.

The Canadian dollar was up 0.02 of a cent to 102.25 cents US.

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New York markets were in the red after U.S. jobs data for August missed modest expectations. The poor showing raised expectations the Fed will announce on Thursday another round of bond-buying, known as quantitative easing to help lower interest rates and boost loan growth.

“There is some apprehension as to whether or not the Fed is actually going to put something in place based on the jobs report we saw on Friday, so that has people - in general terms - on hold until they see something they can act on,” said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.

“That being said, we had a pop last week we haven’t really given up on yet and the principal reason is because people, in the back of their minds, still feel as though there is going to be some move taken by the Fed to support the lagging numbers.”

The Dow Jones industrial average declined 26 points to 13,280.64, the Nasdaq composite index was down 5.19 points to 3,131.23, and the S&P 500 index slipped 1.72 points to 1,436.2.

Oil was down 78 cents to US$95.64 after three days of gains.

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