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Bay Street In Better Mood As Oil Steadies -- Canadian Commentary

Canadian stocks may turn higher Thursday after losses in the previous two sessions.

On Wall Street, the Dow Jones Industral Average dropped to its lowest in two months yesterday, but oil futures steadied above $50 a barrel helping calm nerves on both sides of the border.

Bargain hunters are likely to find value in energy stocks after their mid-week bludgeoning.

With gold stocks also down sharply, the TSX Composite lost 69.69 points, or 0.45 percent, to 15,552.88 on Tuesday.

Looking at today's corporate headlines, Celestica Inc. (CLS) announced earnings for its first quarter that gained 12% compared to the same period last year.

Supremex Inc.(SXP.TO) named Bertrand Jolicoeur CFO.

Goldcorp Inc. (G.TO, GG) has formally commenced an offer to acquire Exeter Resource Corp. (XRC.TO, XRA), supported by the board of directors of Exeter.

WestJet (WJA.TO) plans to launch a new, ultra-low-cost carrier in Canada.

In economic news, U.S. initial jobless claims rebounded in the week ended April 15th, roughly in line with estimates. First-time claims climbed to 244,000, an increase of 10,000 from the previous week's unrevised level of 234,000.

by RTTNews Staff Writer

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