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TSX flat amid hopes for more Fed stimulus, dismal economic data

ben bernanke

Olivier Douliery/MCT Federal Reserve Chairman Ben Bernanke discusses the need for personal financial education in remarks to K-12 and post-secondary teachers August 7, 2012 in Washington, DC.

TORONTO — The Toronto stock market was little changed as indications of economic deterioration in Europe and Asia took some of the shine off expectations for another round of stimulus from the U.S. Federal Reserve.

The S&P/TSX composite index slipped 2.79 points to 12,116.2.

The Canadian dollar was up 0.01 of a cent to 100.88 cents US after minutes from the Fed’s Aug. 1 meeting showed many members felt further support will be needed “fairly soon” unless the economy improves significantly.

But traders were discouraged by very weak purchasing managers index data from China and the eurozone.

Rising jobless insurance claims last week also helped push New York indexes in the red as the Dow Jones industrials declined 43.67 points to 13,129.09. A weak earnings report from tech giant Hewlett-Packard helped push the Nasdaq down 10.99 points to 3,062.68 and the S&P 500 index was off 3.46 points at 1,410.03.

Oil gained 31 cents to US$ 97.57 a barrel.

thestar.com – Business