By Musabbir Mazhar
The S&P/TSX composite index closed down 15.29 points to 13,422.77. This was after the billionaire investor Carl Icahn commented on Monday afternoon questioning about the recent rally of the equities market to record highs as a result of low interest rates rather than good management. The Canadian Dollar receded 0.4 cents to 95.5 cents US. The S&P 500 closed down 0.20% to 1787.87.
The DJIA closed down to 15,967.03 falling by 8.99 points. It hit record high levels crossing 16000 on Monday. The Nasdaq fell 17.51 points to 3,931.55.
The Organization for Economic Cooperation and Development (OECD) reported that Canada is expected to grow by 2.2% this year and 2.4% next year. Unemployment is forecasted at 7.1% this year and inflation at just 1%. Canadian household saving is estimated to be 5% this year of disposable income. The organization also warned of an overheated Canadian housing market. It estimates that the Bank of Canada might have to raise interest rates at the end of 2014 as Canada, according to OECD, would reach its 2% inflation target. The key rate is set at 1% in Canada. The rate hike can be harmful to Canadians as the household debt to disposable income is at 163.4% as reported by Statistics Canada. OECD projected global growth rate at 3.6% for 2014 down from 4% earlier. This comes as Fed is expected to eventually taper its Quantitative Easing program.
The US 10 year treasury yielded 2.72% and the Canada 10 year note yielded 2.52%. The Japanese 10 year note was at 0.61% return.
Brent Crude fell 0.26% to $106.64 a barrel for Jan delivery. Tensions are easing on supply disruption as there are talks of Iran to stop Tehran’s nuclear program. This may lead to a rise in crude export by Iran.
I$ Investing Street 
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