| Downward Tuesday for TSX |
Bay Street stocks took a small tumble on Tuesday amid weakness in the industrial and metal-related sectors.
The S&P/TSX Composite Index fell 84.39 points to 11,539.63.
Industrials were down, as Bombardier dropped 3% to $4.81, Russel Metals declined 1.8% to $16.37 and Canadian National Railway was down 1.6% to $56.57
Materials and gold stocks dropped, as Royal Gold declined 1.7% to $56.80, Goldcorp lost 1.9% to $45.96 and Iamgold was off 1.7% to $20.29
Mining stocks were also down, with HudBay losing 5.1% to $14.39, Inmet sliding 2.6% to $65.95 and Teck Resources letting go of 2.5% to $36.43.
In corporate news, Bank of Montreal dropped 0.5% to $53.29 after surrendering earlier gains. The company reported fourth-quarter net income of $647 million or $1.11 per share, compared to $560 million or $1.06 per share in the year-ago quarter.
The company also has agreed to purchase the Diners Club North America card business from Citigroup.
MKS Inc. added 5% to $9.25 after the company said its second-quarter net income grew 19% to $1.61 million U.S. or $0.16 U.S. per share from $1.35 million U.S. or $0.13 U.S. per share in the previous year.
Rogers Communications jettisoned 0.4% to $31.97 after a British Columbia judge ruled the company can no longer claim having Canada's most reliable wireless network.
Western Coal dropped 1.5% to $2.71 as the company and some of its executives have been hit with a $220-million lawsuit regarding securities laws.
The Canadian dollar slid 0.20 cents to 94.46 cents U.S.
ON BAYSTREET
All but two of the 14 TSX subgroups were lower. Industrials weighed things down the most, losing 1.6%, metals and mining lost 1.5%, while materials were off 1.4%.
The two winning groups were information technology, which advanced 0.2%, and health-care stocks, gaining 0.1%.
The TSX Venture Exchange gave back 4.22 points to 1,412.41, while the Nasdaq Canada fell 4.78 points to 655.67
ON WALLSTREET
In New York, equities ended a volatile session with modest losses Tuesday, as the Fed's improved outlook and some signs of improvement in housing tempered a weaker revision on economic growth released in the morning.
The Dow Jones Industrials ended the day down 17.24 points at 10,433.71. The S&P 500 index slid 0.59 points to 1,105.65, while the Nasdaq subtracted 6.83 points to 2,169.18.
Stocks slipped Tuesday morning after a report showed third-quarter Gross Domestic Product grew at a slower pace than initially reported. But the market cut losses in the afternoon as the dollar went from mixed to weak, a boon for commodity stocks and the stocks of multinational companies that benefit from a weak currency.
The economic forecast attached to the minutes from the last Federal Reserve policy meeting also helped investors recover from bigger morning losses.
Nonetheless, stocks aren't likely to advance in this thinly-traded pre-Thanksgiving week, according to a number of experts
All financial markets are closed Thursday for Thanksgiving. Stocks trade in an abbreviated session Friday.
Since bottoming at a 12-year low on March 9, the Dow has gained 60% as of Monday's close. In that same period, the Nasdaq gained 69% and the S&P 500 gained nearly 64%.
On the economic front, the government announced its revised figure for the GDP, showing an annual rate of increase of 2.8% in the third quarter. That matched consensus expectations from Briefing.com.
This is a downward adjustment from the preliminary GDP figure released by the government in October, which showed growth of 3.5% in the third quarter.
Home prices rose 3.1% in the third quarter versus the second, but remained almost 9% lower versus a year ago, according to an S&P/Case-Shiller study of the 20 largest metropolitan areas.
Prices rose 0.3% in September versus August, but fell versus a year ago.
The third big economic report of the morning was the Consumer Confidence index from the Conference Board. The index rose to 49.5 in November from 48.7 in October versus forecasts for a reading of 47.5.
After the close Monday, Dow component Hewlett-Packard reported higher quarterly earnings of $1.14 U.S. per share, in line with its raised forecast released last week. The computer maker reported a drop in revenue. HP also said that it was tripling its share repurchase program to $12 billion U.S.
Treasury prices moved sharply upwards, lowering the yields on the benchmark 10-year note to 3.30% from Monday’s 3.36%.
The price of a barrel of oil declined $1.54 to $76.09 U.S.
Gold prices tacked on two dollars to $1,167 U.S.
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