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Market Summary Article

S&P/TSX
Composite Index
12,268.29
Change: -99.17 (-0.80%)
S&P/TSX Venture
Composite Index
924.25
Change: -5.74 (-0.62%)
Markets point downward

Dim news from Europe led to a hunch North American stocks were set to move a tad lower at the outset.

The S&P/TSX Composite Index slid 16.97 points to end Wednesday at 11,326.08

The Canadian dollar traded this morning down 0.2 cents to 98.60 cents U.S.

In Canada, stocks to watch include Silver Metals Inc., which posts financials after the market closes.

ON BAYSTREET

The TSX Venture Exchange fell 22.30 points to 1,217.77, while the Nasdaq Canada also finished negative, 3.67 points, to 361.37.

ON WALLSTREET

U.S. stock futures dipped in advance of trading on Thursday, as investors awaited weekly U.S. jobless claims data and analyzed the latest moves in the European debt drama.

With about half an hour before markets open, Dow Jones Industrials futures listed lower by two points to 12,572, while S&P 500 futures docked 3.4 points, or 0.3%, to 1,319. For the tech-rich Nasdaq, futures sifted off 7.5 points, or 0.3%, to 2,550.

Initial jobless claims were unchanged in the week ended May 12 from the revised figure of 370,000. The number came in weaker than expected.

European leaders voiced support Wednesday for keeping Greece in the eurozone, but cautioned the debt-ridden country must stick with unpopular austerity measures if Greece is going to continue to receive help. A new vote is set for Wednesday June 17.

Meanwhile, the Greek population is responding to the crisis by making massive withdrawals from banks due to fears they could have their savings converted to a devaluated currency should Greece be forced to drop the euro.

Overseas, China's Hang Seng index was down 0.3%, Japan's Nikkei 225 index up 0.9%.

London's FTSE 100 index tumbled 1.3%, France's CAC 40 down 1%, and Germany's DAX index declined 0.9%.

Oil prices for June delivery improved 11 cents U.S. to $92.92 a barrel

Gold was up 0.6% to $1,547.86 U.S. an ounce

9:35 AM EDT, May 17, 2012 - Source: Baystreet
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