The Toronto stock market skidded despite a strong performance by Research In Motion, as uncertainty crept in about Spain’s economic future
The S&P/TSX composite index dipped 45.54 points to greet noon to 12,293.31
The Canadian dollar eased 0.26 cents by Friday noon to 101.72 cents U.S.
RIM vaulted more than 10.6% to $7.70 on word its losses were less than forecast.
Industrials took the biggest hit, with Finning International skidding 3.2%, and Bombardier slipping 1.6%.
On the economic calendar, Statistics Canada reported this morning that Gross Domestic Product grew 0.2% in July, after edging up 0.1% in June.
ON BAYSTREET
The TSX Venture Exchange eked up 0.68 points to 1,322.99
All but four of the 14 Toronto subgroups were off midday. Industrials sagged 1%, while global base metals wilted 0.7% and financial stocks faded 0.6%.
The four gainers were led by information technology, which ballooned 2.2%, utilities, inching up 0.5%, and materials, down 0.3%.
ON WALLSTREET
Investors were spooked by a dismal report on manufacturing in the United States, sparking a selloff in stocks.
The Dow Jones Industrial average slipped 49.30 points by noon ET to 13,436.70
The S&P 500 gave back 4.22 points to 1,442.93, while the tech-rich Nasdaq skipped 13.09 points to 3,123.51.
Shares of Apple were down nearly 1% as management explained away errors in its maps application.
Bank of America announced a $2.43-billion U.S. settlement in a class action lawsuit for shareholders who questioned the bank's decision to acquire Merrill Lynch. BofA's stock fell about 1%.
Shares of the drugstore chain Walgreens dropped, despite beating analysts' forecasts. Sales and profits were down from a year ago.
Facebook shares rose 5% on news that the company has developed other revenue sources.
Investors were focused on Europe after the release of Spain's 2013 budget on Thursday. The proposed budget boosted U.S. stocks late Thursday, as many interpreted it as a sign the country is willing to take necessary steps to avert a deepening crisis. But that relief may prove ephemeral as concerns about Spain remain.
On the economic lookout, U.S. personal incomes grew at 0.1% in August -- the same as July. Personal spending rose 0.5%, slightly higher than in July.
Also, the Bureau of Economic Analysis reported that core prices of household goods and services rose 0.1% in August, as expected.
The price on the benchmark 10-year U.S. Treasury gained, raising yields to 1.65% from Thursday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices fell 13 cents to $91.98 U.S. a barrel.
Gold prices dropped $4.60 to $1,776.20 U.S. an ounce.
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