CORRECTED - CANADA STOCKS-TSX pares losses after Fed statement

Wed Apr 28, 2010 3:27pm EDT
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(Corrects headline to say TSX index pares earlier losses, not gains)

* TSX off 0.03 percent at 12,142.50

* Seven TSX sectors lower, but losses pared

* Gold producers shine as bullion climbs

* Fed's economic view brightens, low rate vow holds (Updates following Fed decision)

By Ka Yan Ng

TORONTO, April 28 (Reuters) - Toronto's main stock index pared early losses to sit largely unchanged on Wednesday afternoon, after the U.S. Federal Reserve left interest rates unchanged near zero and offered a brighter economic view, lifting key resource and financial groups.

The U.S. central bank renewed its promise to keep rates low for an "extended period" and, at the conclusion of a two-day meeting that took place against the backdrop of financial turmoil in Europe, said U.S. consumer and business spending were picking up steam. [ID:nN27125552]

"The (Federal Open Market Committee) statement was very friendly for equity markets. They maintained their dovish stance and subtly upgraded their assessment of the economy," said Fergal Smith, managing market strategist at Action Economics.   Continued...