Loonie declines, stock markets regain some of recent losses

TORONTO -- Stock markets were showing moderate gains this morning but the Canadian dollar continued its recent retreat.

The loonie was down 0.3 of a U.S. cent at 77.5 cents US as the currency headed for its fifth consecutive losing session.

Meanwhile, the Toronto Stock Exchange's S&P/TSX index looked to end five consecutive days off losses, rising 49.69 points to 13,925.92.

In New York, markets also turned positive after four down days, with the Dow Jones industrial average up 37.63 points at 17,712.45, the broader S&P 500 composite index advancing 3.72 points to 2,079.04 and the Nasdaq composite gaining 7.02 points to 4,850.57.

The July crude contract was down one cent at US$48.48 per barrel while July natural gas was up nearly two cents at US$2.62 per mmBTU.

The August gold contract fell $1 to US$1,287.10 an ounce and July copper rose 4.8 cents to US$2.088 a pound.