Blue chips on Bay Street traded lower today -- led by declines in gold and mining stocks -- as investors took in fresh GDP numbers that showed Canada's economy shrunk in August.
The S&P/TSX composite index was down 93.45 points to 9,762.76.
In earnings news -- SNC-Lavalin Group Inc. reported third-quarter net income of $91.3 million, up from $63.2 million a year earlier although the global engineering firm's revenue slipped to $1.69 billion from $1.79 billion.
Goldcorp Inc. has reported third-quarter net income of US$297.2 million, up from $75.8 million a year earlier as a realized gold price of $865 per ounce led to a 5 percent revenue increase to $552.2 million. Earnings adjusted for one-time items were $64.7 million or 9 cents per share.
Looking at the day's economic data -- GDP continued an up-and-down pattern in Canada with a 0.3 percent decline in August, partly reversing the 0.7 percent increase in July.
Down south -- the Department of Commerce reported that consumer spending declined 0.3 percent in September after holding steady in July and August. Economists were expecting a 0.2 percent contraction in spending. Personal income growth registered at 0.2 percent, ahead of consensus estimates of 0.1 percent but less than a 0.5 percent increase in August.
Also -- the Department of Labor also said its employment cost index rose 0.7 percent for the third quarter, a rise that was in line with expectations.
The Chicago Purchasing Managers Association's manufacturing index for October registered at 37.8, down from 56.7 in September and below the consensus forecast of 48.
The University of Michigan's revised consumer sentiment index came in at 57.6, slightly above the 57.5 expected by analysts.
The Canadian dollar, meanwhile, was trading up 0.83 of a cent at 83.24 cents US, after gaining 0.47 cent yesterday.
BAYSTREET
Seven of the TSX sub-groups traded higher today -- health-care issues rose 4.21 percent followed by a 3.40 percent gain in tech issues and a 1.82 percent rise in consumer discretionary stocks.
On the downside -- gold issues shed 6.61 percent; mining stocks fell 5.85 percent and telecom issues dipped 1.18 percent.
COMEX gold for December delivery fell $20.30 to $718.20 US an ounce.
Meanwhile, the TSX Venture Exchange moved up 35.55 points to 915.30 while NASDAQ Canada stocks were off 24.49 points at 501.63.
ON WALLSTREET
Stocks fell and rose and fell and rose again on Friday as traders wrestled with disappointing spending and regional business reports, an unexpected bump in personal income and a rise in crude futures.
The Dow Jones Industrial Average reversed its early losses to finish up 144 points at 9325. The Nasdaq picked up 22 at 1721, and the S&P 500 climbed 15 to 969.
Corporate earnings releases were again in focus. Energy company Chevron reported rising profit thanks to high oil prices.
Electronics Arts Inc. tumbled 17 percent after it late Thursday posted a wider loss and reduced its annual forecast, while saying it would lay off 6 percent of its workforce.
Fast-food restaurant operator Burger King announced income that rose slightly year over year and reaffirmed its forward outlook. Cleaning-products maker Clorox likewise saw a slight rise in earnings for the quarter and affirmed its profit guidance, although it tempered its revenue expectations.
In automotive news, Nissan reported a decline in quarterly profit and guided lower for the remainder of the year.
Reuters also reported that talks of a merger between General Motors and Chrysler are being pushed back as the Bush administration refused to fund a deal. GM lost 4 percent Friday.
Google and Yahoo appear less likely to reach a deal to become partners in advertising alliance, The Wall Street Journal reported, citing anonymous sources. Each firm is close to leaving the bargaining table. The Journal said there are ''signs'' that the firms' partnership is being threatened by demands from the Justice Department.
Treasury prices inched higher, giving up bigger gains. The advance lowered the yield on the benchmark 10-year note to 3.96 percent from 3.97 percent Thursday. Treasury prices and yields move in opposite directions.
U.S. light crude oil for December delivery rose $1.85 to $67.81 US a barrel on the New York Mercantile Exchange.
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