|Toronto finishes slightly higher |
Gold and energy stocks helped push the Toronto stock market modestly higher Tuesday afternoon.
The S&P/TSX composite index gained 11.23 points to end Tuesday at 13,356.33, off its highs of the day.
The Canadian dollar picked up 0.22 cents to 94.33 cents U.S.
Barrick Gold improved by 90 cents to $17.91.
Tech stocks were generally higher with CGI Group up $1.15 to $37.12.
But BlackBerry stock was at its lowest level in more than a decade, but recovered 21 cents to $6.32 after going as low as $5.69.
The energy sector rose as Suncor Energy climbed 24 cents to $36.05.
The base metals sector fell while March copper was up one cent to $3.27 U.S. a pound. First Quantum Minerals lost 59 cents to $16.96.
Financials also weighed on the TSX as CIBC fell 56 cents to $90.28.
Chorus Aviation, which flies most of Air Canada's regional flights in North America, increased its dividend by 50% in the wake of its arbitration win against Air Canada.
The company will pay a quarterly dividend of 11.25 cents per share. Chorus had cut its quarterly payment to shareholders in half to 7.5 cents per share in May amid uncertainty about the arbitration process. Chorus shares jumped 26 cents, or 7%, to $3.99.
On the world economic front, China's factory production rose 10% in November from a year earlier, slightly lower than analysts' forecasts. But retail sales rose 13.7%, which was stronger than expected.
The TSX Venture Exchange gained 1.92 points to 903.99
Eight of the 14 TSX subgroups were lower Tuesday, with metals and mining down 0.8%, global base metals sliding 0.8% and consumer discretionaries letting go of 0.5%
The half-dozen laggards were led by gold, up 3.9%, information technology, ahead 1.9%, and materials, surging 1.8%.
Stocks fell Tuesday as investors hit the pause button a day after the S&P 500 closed at yet another record high.
The Dow Jones Industrials subtracted 52.40 points to 15,973.13
The S&P 500 index dropped 5.75 points to 1,802.62. The NASDAQ fell backward 8.26 points to 4,060.49
This year has been a strong one for stocks, with all three indexes up more than 20% so far. But investors are wary to make big bets ahead of the Federal Reserve's policy meeting next week, when it will decide whether to continue pumping money into the economy at its current rate of $85 billion U.S. a month.
General Motors announced a new CEO. The company named product development chief Mary Barra as next chief, succeeding Dan Akerson, who is stepping down. The U.S. government revealed Monday that it had sold the last of its stake in the automaker. Shares fell Tuesday but are still up more than 40% this year.
Lululemon shares dipped after the yoga retailer announced that Laurent Potdevin will become CEO of the company in January, replacing outgoing CEO Christine Day. Potdevin had been the president of shoe company TOMS.
Lululemon also said founder Chip Wilson will step down as chairman in the spring. Lululemon struggled through several very public product recalls this year.
Twitter shares surged nearly 6%. The stock hit an all-time high above and has now doubled from its IPO price.
Though there wasn't any clear news driving up shares of Twitter, some traders cited rumors that Carl Icahn, who has had a great year in part due to his investment in Netflix, is buying Twitter.
Bank stocks edged higher after federal rules officially announced the final details of the long-awaited Volcker Rule -- a key piece of the 2010 Dodd-Frank financial reform law. Shares of Goldman Sachs and Morgan Stanley rose more than 1% while JPMorgan Chase also gained some ground. Bank of America shares finished slightly lower.
On the earnings front, Toll Brothers were down slightly even though the homebuilder topped profit and revenue estimates.
Gun maker Smith & Wesson soared in extended trading after the company reported sales and earnings that topped forecasts as well as strong guidance.
The company, as well as rival gun maker Sturm, Ruger, have surged this year as calls for stricter gun control laws of have started to wane in the year since the tragic shooting at Sandy Hook Elementary school in Newtown, Conn
Prices for 10-year U.S. Treasuries surged, lowering yields to 2.80% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.08 to $98.42 U.S. a barrel.
Gold prices improved $28.70 to $1,262.90 U.S. an ounce.