Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

Inside the Market

Up-to-the-minute insights
on developing market news

Entry archive:

The open: Markets slip on oil Add to ...

Weakness in the energy sector pulled North American markets to a lower open Wednesday, as U.S. oil inventories continued to swell.

The Dow Jones industrial average slipped 0.32 per cent, or 28.64, to 8,887.30. The broader S&P 500 slipped 0.53 per cent, or 5.06 points, to 949.52. Both indexes have closed higher for seven straight sessions.

In Toronto, the S&P/TSX fell 1.01 per cent, or 106.31 points, to 10,409.01 as oil fell 2.15 per cent to $64.20 (U.S.) a barrel, after data indicated U.S. inventories grew last week. The energy sub-index lost 3 per cent at the open.

Investors have received mixed signals through earnings season, with companies clearing low hurdles but continuing to see soft revenue and banks continue to set aside cash to pay for bad loans.

Wednesday, Morgan Stanley reported a $1.2-billion loss. However, Wells Fargo said its profit rose 81 per cent to a record $3.17-billion.

 

For Globe Unlimited Subscribers

Business videos »

Most popular videos »

Highlights

Most Popular Stories