MID-DAY: Dow weighted by cooled US economy; Amazon big winner in first quarter earnings
Big business earnings aren’t able to outweigh a cooling US economy in the minds of investors. The Dow is dropping to 24,224 following a report that the economy only grew by 2.3 per cent weighted by less spending from American consumers.
Across the border the TSX is a different story as it grows to 15,658. This follows a report that TransCanada boosted profits by $734 million in the first quarter.
Amazon was the biggest winner in earnings as it doubled profits by $1.6 billion with over 51 billion in sales in just three months. Amazon is also working on a deal with the NFL to stream Thursday night football games live.
This morning oil pulled back from an earlier rally this week and is steady at 68.05 a barrel.
The Loonie is flat at 77.77 cents US.