Equities in Toronto wavered between the red and the green midday Tuesday, as investors digested new housing data from June.
The S&P/TSX Composite Index ditched 34.30 points to approach noon at 11,600.37
The Canadian dollar let go of 0.12 cents at 97.98 cents U.S.
The industrials sector saw the greatest gains, while a slide in metals and mining equities and a sharp drop in information technology stocks led sector decliners
Economically speaking, housing starts mushroomed in June, according to figures released this morning by Canada Mortgage and Housing Corporation.
The federal agency estimates 20,327 actual starts in June across the country, up from 18,494 in June 2011, with much of the jump coming from multiple starts – namely, condos and apartments.
ON BAYSTREET
The TSX Venture Exchange jumped 6.03 points to 1,218.01. The Nasdaq Canada index regained 3.27 points to 353.79.
The 14 Toronto subgroups were evenly split between gainers and laggards. The seven gainers were led by industrials, up 0.5%, while consumer discretionary stocks and health-care issues vied for runner-up, each picking up 0.3%.
The seven laggards were weighed mostly by information technology stocks, down 1.6%, materials, off 1.1%, and global base metals, down 1%.
ON WALLSTREET
U.S. stocks erased early gains Tuesday as fears about corporate earnings unnerved investors. The selling was tempered by optimism about an agreement among euro-zone finance ministers to accelerate an initial bailout for ailing Spanish banks.
The Dow Jones Industrials remained ahead 22.97 points to break for lunch at 12,759.26, off its highs for the day.
The S&P 500 docked 1.31 points to 1,351.15. The Nasdaq Composite Index fell 10.05 points to 2,921.72.
Tech stocks pressured the broader market after Applied Material and Advanced Micro Devices both warned their revenue would fall short of forecasts.
Alcoa was the first Dow component to report this week. The aluminum producer reported results after the bell Monday that were roughly in line with analysts' expectations but the stock still slid as investors had hoped for more.
Results are due later in the week from banking giants JPMorgan and Wells Fargo
Shares of Barclays were higher on Tuesday, after the British bank reached a deal with outgoing CEO Bob Diamond, who quit as the bank faced criticism for its role in the Libor scandal.
Although Diamond continues to receive salary and some benefits for a year or so, he declined his deferred bonus worth up to £20 million ($31 million U.S).
Shares of microprocessor manufacturer Advanced Micro Devices plummeted after the company warned late Monday that it expects second-quarter revenue will drop 11% from the previous quarter because of weaker sales in China and Europe.
Troubled BlackBerry-maker Research In Motion holds its annual shareholder meeting on Tuesday. Late last month, the company announced 5,000 layoffs, a giant quarterly loss and another delay to its next BlackBerry operating system. Its shares were down on Tuesday.
Late Monday, euro-zone finance ministers agreed that Spain would be offered an initial €30 billion by the end of the month to help bail out its troubled banks. The move is aimed at helping the euro-zone's fourth-largest economy from needing a full bailout itself.
Yields for the 10-year Spanish bond slid to 6.83% following the euro-zone announcement. Yields have been recently bouncing above the 7% mark, which heightens bailout worries.
As ministers met in Brussels, the highest court in Germany -- the nation leading the push for austerity -- began hearings to examine the impact of the new bailout fund on Germany's ability to manage how taxpayer funds are doled out.
More signs of a global economic deceleration came from China, which reported worsening year-over-year import growth early Tuesday. June came in at 6.3%, half of May's 12.7%, pointing to weak demand.
Economically speaking, last year, 18.6% of youth across 34 countries were neither employed nor in school or training programs, according to the Organization for Economic Cooperation and Development's Employment Outlook 2012 report released on Tuesday. In the United States, that percentage was 14.8%.
A lack of jobs for workers ages 15 to 24 could create a "scarring effect" on their long-term career paths and future earnings prospects, the OECD said.
The OECD also predicts the unemployment rate across the United States, Europe, Japan and Mexico will stay above 7.7% by the end of 2013 -- barely better than its current 7.9%.
The price on the benchmark 10-year U.S. Treasury lost ground, pushing the yield up to 1.52% from 1.51% late Monday. Treasury prices and yields move in opposite directions.
Oil for August delivery deducted $1.90 to $84.90 U.S. a barrel.
Gold futures for August delivery lost $4.10 to $1,586.10 U.S. an ounce.
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