Losing Streak Continues in Toronto

Techs Take Hardest Hit

Equities in Toronto suffered another negative day, as losses in tech and health-care easily overwhelmed gains for energy and financials.

The S&P/TSX Composite Index came off its lows of the afternoon, but still finished negative 61.92 points to close Wednesday’s session at 15,967.72

The Canadian dollar was dinged 0.27 cents to 77.77 cents U.S.

Shopify Inc fell $11.52, or 8% to $131.97, erasing gains the e-commerce software company’s stock had made after the Black Friday and Cyber Monday shopping days.

Constellation Software also took its lumps, falling $22.59, or 2.9%, to $756.04.

Health-care stocks such as Canopy Growth faltered $1.36, or 7.2%, to $17.49, while Aphria tanked 77 cents, or 6.7%, to $10.70.

Gold stocks also fell, with Barrick Gold giving back 15 cents to $18.02, while Goldcorp slumped 43 cents, or 2.6%, to $16.26.

Royal Bank of Canada rose 0.6% to $101.06 after the country’s biggest bank by market value reported fourth-quarter earnings that beat expectations. Sun Life Financial galloped 54 cents, or 1.1%, to $50.87.

In the energy field, Husky Energy acquired 14 cents to $156.28, while Crescent Point Energy moved up seven cents to $9.14.

In consumer staples, Metro gained 10 cents to $40.28.

ON BAYSTREET

The TSX Venture Exchange deleted 11.86 points to 779.84

All but three of the 12 TSX subgroups were lower on the day, as information technology lost 2.7%, health-care forfeited 2.4%, and gold dulled in price 1.9%.

The three gainers were led by energy and financials, each tacking on 0.3%, while consumer staples inched up 0.1%.

ON WALLSTREET

The Dow Jones industrial average closed at an all-time high on Wednesday as investors bet the U.S. economy's momentum would continue.

The Dow added another 103.97 points on top of Tuesday’s record to 23,940.68. UnitedHealth and JPMorgan Chase were the best-performing stocks in the Dow.

The S&P 500 settled 0.97 points from Tuesday’s record high to 2,626.07, as a decline in tech stocks offset a strong performance from the financials sector. The tech sector fell 2.6%, while financials surged 1.8%.

The NASDAQ Composite tumbled 88.02 points, or 1.3%, to 6,824.34, as Facebook, Netflix, and Alphabet all traded sharply lower.

Shares of Macy's and Nordstrom rose 8.2% and 7.2%, respectively.

In corporate news, Chipotle Mexican Grill said it has begun searching for a new CEO, with current Chief Executive Steve Ells becoming executive chairman. The fast-casual restaurant's stock jumped 5.6%

Meanwhile, analysts at Morgan Stanley upgraded shares of Allergan to overweight from equal weight, noting that "fears about a 'better Botox' may be overdone." Allergan's stock rose more than 2.2%.

The U.S. economy has picked up steam this year, growing at an annualized rate of more than 3% each of the past two quarters.

The Commerce Department released its second read on third-quarter U.S. Gross Domestic Product, which showed the economy expanded at an annualized rate of 3.3%. The number matched estimates and surpassed an initial read of 3% growth.

Prices for the benchmark 10-year Treasury note stumbled, raising yields to 2.38% from Tuesday’s 2.33%. Treasury prices and yields move in opposite directions.

Oil prices dropped 60 cents a barrel to $57.39 U.S.

Gold prices dipped $10.90 to $1,288.30 U.S. an ounce.