Stocks went south early Tuesday, as a wave of end-of-year risk aversion swept through global markets and oil prices hit a new five-and-a-half-year low.
The S&P/TSX composite index moved lower 32.51 points to open Tuesday’s session at 14,631.41
The Canadian dollar regrouped 0.11 cents to 86.05 cents U.S.
Brent crude oil fell to less than $57 U.S. a barrel as a global supply glut outweighed concerns of lost supply from Libya where battling militias have closed ports. Oil powers such as Suncor fell back 24 cents to open at $37.16.
Canadian stocks rose on Monday in the first trading session after the Christmas holiday, led by bank shares. RBC shares dipped 27 cents to $80.55.
Gold stocks were among the few subgroups actually gaining ground, as Barrick Gold zoomed 40 cents, or 3.3%, to $12.58, while Agnico Eagle Mines climbed $1.27, or 4.6%, to $29.00.
ON BAYSTREET
The TSX Venture Exchange gained 0.94 points to 682.55
Nine of the 14 Toronto subgroups were downward as the day began, with energy falling 0.9%, health-care shedding 0.6% and financials down 0.4%.
The five gainers were led by gold, up 3.5%, materials, up 1.7%, and metals and mining, up 1.3%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday, weighed in the absence of other news by continued concern over Greece's failure to elect a president on Monday.
The Dow Jones Industrials dropped 51.34 points to 17,986.89, with General Electric leading declines and Wal-Mart leading nine blue-chip advancers.
The S&P 500 subtracted 6.28 points to 2,084.29, with utilities leading declines in all 10 sectors. On Monday, the utilities sector had led the S&P 500 to its 53rd record close for the year.
The NASDAQ index fell 15.98 points to 4,790.93.
American Realty surged more than 8% after activist investor Corvex disclosed a 7.1% stake in the real estate investment consulting group.
Restaurant chain Darden traded at all-time highs, while Chipotle edged lower on the day while maintaining a near 30% gain for the year.
The December reading of the Conference Board's consumer confidence index came in slightly lower-than-expected at 92.6.
Earlier, the Case-Shiller house price index for October showed that U.S. single-family home prices' rate of increase continued to decelerate in October since the stronger-than-expected rise seen in the previous month.
The Greek parliament, for a third time, failed to elect a new president on Monday, meaning a general election has been called for January 25. There are worries that far-left anti-austerity party Syriza could win, with polls showing that the party has a narrow lead, according to Reuters.
Athens' main stock exchange, which ended almost 4%lower on Monday, pared losses to trade about 0.25% lower.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.17% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices regained 34 cents per barrel to $53.95 U.S.
Gold prices gathered $18.00 an ounce at $1,199.90 U.S.
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