Canada’s benchmark index stumbled at Wednesday’s open, weighed down by commodity producers.
The S&P/TSX Composite Index was down 49.32 points mid-morning Wednesday to 12,249.31
The Canadian dollar tacked on 0.03 cents to 99.87 cents U.S.
Energy producers such as Canadian Oil Sands Ltd. fell 0.6% while Suncor Energy Inc. rose 0.9%
Materials producers also lagged. Barrick Gold Corp fell 0.3% and Teck Resources Ltd. fell 1%
On the economic slate, Statistics Canada reported this morning that the value of building permits fell 12.3% to $6.0 billion in January, following a 10.5% rise in December.
ON BAYSTREET
The TSX Venture Exchange regained 7.30 points to 1,612.17, while the Nasdaq Canada index inched ahead 1.79 points to 404.59
All but two of the 14 Toronto subgroups were negative to start the session, weighed down by health-care, off 1.2%, metals and mining, down 1.1%, and financials, sliding 1%.
The two stalwarts were information technology, up 0.4%, and industrials, progressing 0.3%.
ON WALLSTREET
In New York, stocks bounced back Wednesday, one day after the biggest one-day selloff of 2012, as investors were heartened by the latest economic news.
The Dow Jones Industrials began the day 22.67 points higher to 12,781.80.
The S&P 500 regained 3.95 points to 1,347.31, while the Nasdaq added 15.13 points to 2,925.45
Still, the gains were modest as investors are largely waiting for Friday, when the U.S. Labor Department releases the February jobs report.
Meanwhile, Apple is widely expected to announce the third version of its iPad at a presentation in San Francisco on Wednesday. Shares of Apple are up 47% over the past year.
Shares of online radio service Pandora fell 24%, after narrowly missing analyst expectations on quarterly earnings and revenue.
Netflix shares rose 3% following reports that CEO Reed Hastings is seeking a partnership with a cable company, and has held meetings with several providers in recent days.
Children's Place Retail Stores shares dropped 4%, after the company reported an miss on quarterly revenue. The company attributed the results to warmer-than-expected weather that forced sharp markdowns on winter apparel.
Investors are also keeping an eye on Greece, where private-sector bondholders need to officially agree to a crucial restructuring of the nation's debt this week. If bondholders do not sign on in sufficient numbers, Greece's bailout could be in jeopardy and the nation could face a hard default.
Economically speaking, hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP. The private sector added 216,000 jobs in the month, which was roughly in line with forecasts.
A report on consumer credit for January is due later Wednesday. It is expected to show an increase of $12 billion U.S.
Treasury prices for the 10-year note sagged, raising yields to 1.97% from Tuesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil for February delivery squeaked up a penny to $104.71 U.S. a barrel.
Gold futures for April delivery rose $2.90 to $1,674.60 U.S. an ounce.
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