Tuesday was a negative day on the markets as the S&P 500 declined 1.2% (and the DOW was down 1.6%) and Toronto was down 0.6%. Apparently the U.S. decline was linked to fears about the implications of yet another election in Italy.
U.S. financial stocks were down. For example, Wells Fargo down 3.6% and Bank of America down 4.0%.
It was disappointing to see Canadian Western Bank down 2.15% despite the news about the Trans-mountain Pipeline. Similarly, Melcor was down 2.5% despite what certainly appears to be a good news day for Alberta.
Kinder Morgan Canada was down 3.0% which may indicate that Canada did not over-pay for the assets. If I had to bet, I would bet that Kinder Morgan Canada will increase somewhat as the market digests the news and as it becomes clear what Kinder Morgan Canada will do with the money.
I found it disappointing today to hear reaction at the federal level fall entirely along political lines.