Closing Bell Nasdaq sinks markets pull back on cloudy US outlook

TORONTO — North American stock markets weakened on Friday as traders soured to the latest U.S. jobs figures, and the Nasdaq was hammered on falling technology stocks.The S&P/TSX composite index closed 9.11 points lower to 14,393.10, while the Canadian dollar ended 0.48 of a cent higher at 91.07 cents US.The declines were even steeper on Wall Street where investors took a mostly negative stance on the March jobs data, which they had hoped would show a steady recovery after emerging from an intense winter season.The Dow Jones industrials slid 159.84 points to 16,412.71, and the S&P 500 index gave back 23.68 points to 1,865.09.The Nasdaq fell 2.6% to close at its lowest level in about two months, falling 110.01 points to 4,127.73. Tech stocks were the major drag, as influential names like Google, Facebook, Microsoft and Amazon all moved lower as growth momentum that’s played out in the sector this year started to lose steam.Traders have been looking for reassurance that the U.S. economy is solid, but despite key economic data throughout the week that pointed to reasons for confidence, the indexes haven’t followed suit.The U.S. Labor Department reported that American employers added 192,000 jobs in March, which fell slightly short of consensus predictions of about 195,000 and was lower than February.“The recovery is perhaps not as strong as one would hope, but the revisions to previous figures suggest that the overall results are quite positive all the same,” wrote Desjardins senior economist Francis Genereux in a note.Overall, employment growth helped back up opinions of a recovery in the U.S. economy, but that sentiment was fuelled by a positive revision to numbers for January and February. The U.S. unemployment rate was unchanged at 6.7%.The employment figures couldn’t to shift perceptions about where the Federal Reserve is headed. During the past few months, the Fed has been reducing its monetary stimulus amid mounting evidence of a sustainable economic recovery in the U.S.All in all, the U.S. jobs report provided “further evidence that the economy is rebounding from the chill of an unusually severe, stormy winter,” wrote CIBC World Markets senior economist Peter Buchanan in a note.Domestic jobs data got a better reception, as Statistics Canada said 43,000 new jobs were added in March.The increase eased Canada’s unemployment rate down a tenth of a point to 6.9% — matching a post-recession low — but most of the gains were in part-time positions and the vast majority of the new jobs went to young Canadians.“I tend to not see that necessarily as a great sign for the Canadian economy,” said Kevin Headland, director of the portfolio advisory group at Manulife Asset Management.“It is positive because we are creating jobs, especially for the youth, but not very high-quality jobs.”As enthusiasm surrounding the U.S. economy subsided, gold prices moved higher. June bullion gained US$18.90 to US$1,303.50 an ounce, while May copper was relatively unchanged at US$3.02 a pound.Oil continued to trade above US$100 a barrel with May crude settling 85 cents higher to US$101.14 a barrel.Shares in Air Canada (TSX:AC.B) climbed nearly 27% after the company said results for the first quarter will be better than expected. Improved revenues and lower costs will help earnings remain in-line with the same time last year, the airline said.The new outlook erases a $15 million to $30 million shortfall that the company had initially anticipated in the period. Air Canada stock rose $1.54 to $7.30. read more

Read More

Football Ryan Day goes back to assistant role following time in the

Ohio State acting head coach Ryan Day prepares to lead the Buckeyes onto the field prior to the start game against TCU on Sept. 15. Credit: Casey Cascaldo | Photo EditorFor three games, all the focus was on Ryan Day.As acting head coach for the No. 4 team in the country following a three-game suspension to head coach Urban Meyer, Day’s temporary promotion from offensive coordinator and quarterbacks coach moved his name to the front of college football headlines.Day said the experience, specifically last Saturday in Arlington, Texas against TCU, is one he will never forget.“Saturday night was a little surreal going through that, what a great atmosphere, it was almost like a bowl atmosphere just being there, so that was, that was one of those experiences we’ll look back on,” Day said. “It goes to show you what this place is and how powerful it is, and how fortunate my family and I are to be here.”After taking over for a three-time national champion, Day went 3-0 in his time at the helm, easily handling the likes of Oregon State and Rutgers, while handing the Buckeyes a statement win over a ranked opponent, defeating then-No. 15 TCU 40-28.The 3-0 record leaves Ohio State at No. 4, one spot higher than where it started, and exactly where Day said he wanted the team after he left: in a great spot for Meyer’s return.Going back to his original position, Day said it will be a bit of a weight off his shoulders.“It’s one less thing to worry about,” Day said. “But, you know, the job of coaching the quarterbacks and working with Kevin and the rest of the guys on the offense is still a major task, it takes a lot of work.”Day goes back to the offense after three weeks as the guy for Ohio State, and he comes back to a terrific situation. Day returns his focus to the quarterback room, where redshirt sophomore Dwayne Haskins has left any doubt of his capabilities.Throwing for more than 300 yards in two of his first three starts and earning 12 total touchdowns with only one interception, Haskins has stepped up and proven himself through the first three games of the season.This week, and against Tulane on Saturday, Day is on his way back to normal. But looking back at his tenure, he said his experience as head coach changed daily.“Every day it was a little different, honestly. I mean early on, it was overwhelming, and then every day it became a little bit more normal,” Day said. “Every day brought on a new challenge and there were certain things I wasn’t ready for, certain things I was ready for and I think every day was an opportunity for me to get an experience in that role.”Regardless of the controversy, what he did or didn’t know or what he did or didn’t do regarding the domestic violence allegations made against a former employee, Meyer is back. But Day more than handled his time as acting head coach, bringing Meyer back to the sideline with an undefeated Ohio State team with a top-10 offense in the nation.Now, Day will go back to being an offensive coordinator, joining Meyer on the sidelines for the rest of the season.He said, of all the moments through the first three weeks of the season, coming out of the tunnel at AT&T Stadium is the one that remains at the top.“Really, of all of the things on Saturday night, the greatest part was coming out of the tunnel that first time, and seeing the Ohio State fans there going crazy, I mean it was like, you had chills all over you, and, I mean, tingling like in your scalp, like just to see those guys going crazy for us,” Day said. “Really cool experience, something I won’t forget.” read more

Read More

Mens Hockey No 7 Ohio State loses to No 5 Notre Dame

Ohio State then-freshman goaltender Tommy Nappier covers up a puck during Ohio State’s 4-0 win against Wisconsin on Saturday, Feb. 24, 2018. Credit: Nick Hudak | For The LanternThe No. 7 Ohio State men’s hockey team split its Big Ten opener with No. 5 Notre Dame after dropping the second game of the road series 2-1.Ohio State (4-3-1, 1-1) shutout Notre Dame (4-3-1, 1-1) in the first game of the series 1-0 and led or tied most of the game Saturday night before a late goal by the Fighting Irish sealed the 2-1 victory for Notre Dame.After a scoreless first period featuring 13 shots by each team, senior forward Mason Jobst tallied the first goal of the game in the second period with assists by junior forward Carson Meyer and senior forward Freddy Gerard.The Fighting Irish quickly tied it up minutes later with an even-strength goal by sophomore forward Colin Theisen.A scoring drought took place for the rest of the second period and well into the third before Notre Dame senior forward Joe Wegwerth scored the eventual game-winning goal with just under seven minutes remaining.Ohio State didn’t convert on either of its two power play attempts of the night but killed every penalty they gave Notre Dame, an improvement on the previously lackluster special teams that plagued the Buckeyes through the first part of their season.The Buckeyes tried to tie the game with what time they had left, bringing sophomore goaltender Tommy Nappier out of the net with around a minute remaining, but their comeback effort fell short.Nappier allowed two goals and saved 36 shots in his fourth start in the net this season.The Buckeyes will stay on the road next weekend against Colgate, with the puck dropping on Friday at 7 p.m. and Saturday at 4 p.m. read more

Read More