Stocks in Canada’s largest market dipsy-doodled Wednesday before ending the day in negative country, as losses by consumer staples and industrials counteracted gains by resource stocks.
The S&P/TSX Composite Index moved into the red 30.98 points to finish Wednesday’s trading at 15,171.39
The Canadian dollar rocketed 0.37 cents to 80.31 cents U.S.
Consumer staples seemed to have the worst time of it Wednesday, as Loblaw Companies fell 4.3% to $68.39 after barely beating profit expectations. The parent company of Tim Hortons, Restaurant Brands International toppled 67 cents to $76.51.
Among industrials, Canadian National Railway fell 2.4% to $99.05, despite reporting profit and revenue that beat expectations after the closing bell on Tuesday.
Rival Canadian Pacific Railway retreated $2.51, or 1.3%, to $196.51.
In the financial sector, Manulife Financial doffed 43 cents, or 1.7%, to $25.36, while Sun Life lost 51 cents, or 1.1%, to $47.62.
Gold led the sectors on the rise, as Kinross Gold triumphed 16 cents, or 3.1%, to $5.32, while Goldcorp advanced 39 cents, or 2.3%, to $17.17.
Materials also came out in the green, with Hudbay Minerals accelerating 59 cents, or 6.3%, to $9.94, while Teck Resources galloped 49 cents, or 1.9%, to $26.25.
Energy stocks succeeded, Crescent Point Energy hiking 18 cents, or 1.9%, to $9.88, while Cenovus Energy eked up two cents to $9.95.
ON BAYSTREET
The TSX Venture Exchange gained 6.43 points to 770.20.
The 12 TSX subgroups were evenly divided between gainers and losers, gold leading the former group, up 2.1%, materials stronger by 1.2%, and energy 0.8% to the good.
The half-dozen laggards were weighed most by consumer staples, sliding 1.2%, industrials, down 0.8%, and financials, off 0.7%.
ON WALLSTREET
U.S. stocks closed mostly higher on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged.
The Dow Jones Industrials vaulted 97.58 points to 21,711.01, and hit intraday and closing records. Boeing rose 9.9% and contributed the most gains on the 30-stock index.
The S&P 500 picked up 0.7 points to 2,477.83, improving on Tuesday’s all-time high,
The NASDAQ added to Tuesday’s all-time high, gaining 10.57 points to 6,422.75
Investors also focused on corporate quarterly results. Dow-component Boeing posted earnings per share of $2.55, topping Wall Street estimates. The company's sales came in below expectations but the firm raised its full-year earnings guidance to a range of $9.80 to $10 per share.
Coca-Cola and Ford also posted better-than-expected quarterly results.
Earnings season has been strong thus far. With 34% of S&P 500 components having reported as of Wednesday morning, 78% have beaten expectations on the bottom line and 73% have topped on sales
In economic news, mortgage applications rose just 0.4% seasonally adjusted compared with the previous week. New home sales rose 0.8% in June.
The Fed was widely expected to keep monetary policy steady. The central bank, however, laid the groundwork for winding down its massive stimulus program in September.
Prices for the benchmark 10-year Treasury note recovered, lowering yields to 2.29% from Tuesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained 84 cents to $48.73 U.S. a barrel
Gold prices jumped sharply, by $8.60, to $1,260.70 U.S. an ounce.
