Canadian stocks traded lower Wednesday, despite strength in the mining sector, running its losing streak to four straight days.
The S&P/TSX Composite Index slid 16.97 points to end the day at 11,326.08
The Canadian dollar dipped 0.53 to 98.75 cents U.S.
Shares of Ivanhoe Mines Ltd. rose 3.2% to $9.03, First Quantum Minerals Ltd. advanced 5.2% to $17.71, Lundin Mining Corp gained 2.4% to $3.84, and Yamana Gold Inc. rose 2.8% to $13.20
In large-cap stocks, shares of Suncor Energy Inc. fell 0.8% to $27.45, Barrick Gold Corp. advanced 1.3% to $35.67, Canadian Natural Resources Ltd. fell 0.4% to $29.31 and Goldcorp Inc. added 1.3% to $33.19
On the economic slate, Statistics Canada reported that manufacturing sales increased 1.9% in March to $49.7 billion, the largest advance since September 2011. The gain was led by the petroleum and coal products industry and was much better than the 0.3% gain that economists expected.
ON BAYSTREET
The TSX Venture Exchange fell 22.30 points to 1,217.77, while the Nasdaq Canada also finished negative, 3.67 points, to 361.37.
The 14 Toronto subgroups were divided evenly between gainers and losers. The former group was led by metals and mining, which gained 1.3%, while health-care improved 1.2%, and gold surged 1.1%.
The seven laggards were weighed mostly by utilities, down 0.9%, while energy stocks slipped 0.8%, and real-estate sank 0.7%.
ON WALLSTREET
Following a positive start, U.S. stocks struggled to hold on to gains Wednesday afternoon, as investors weighed strong U.S. economic data against ongoing uncertainty about Greece's political situation.
The Dow Jones Industrials finished the day down 33.45 points to 12,598.50.
The S&P 500 moved lower by 5.18 points to 1,325.48. The tech-rich Nasdaq Composite Index let go of 19.72 to 2,874.04.
Facebook boosted the size of its IPO by 25%, seeking to raise up to $16 billion U.S., according to an SEC filing.
Shares of retailer JC Penney tumbled after it reported a much bigger than expected loss for the most recent quarter. The company also discontinued its dividend.
Staples reported earnings in line with expectations, but a surprise 1% drop in sales sent shares of the office supply company lower.
Shares of Deere were lower even after the company beat expectations on its quarterly results and raised its forecast.
Target also beat expectations and increased its forecast, pushing shares higher.
According to documents filed with the SEC, Warren Buffett's Berkshire Hathaway built new positions in General Motors and Viacom during the first three months of 2012.
The director of the FBI said Wednesday that the agency has opened an investigation into JPMorgan Chase, the nation's largest bank, a week after the bank disclosed a $2-billion U.S. trading loss.
Investors started the day encouraged by data that showed U.S. housing starts rebounded from a five-month low and industrial production posted its fastest growth in over a year, but anxiety over Greece's future took over.
After politicians in Athens failed to agree on a coalition government, President Karolos Papoulias called for all parties to set up a caretaker government that will conduct new elections next month.
Despite the uncertainty, comments from European leaders helped stem some pressure. German Chancellor Angela Merkel reiterated that her country wants Greece to remain in the euro-zone and will make every effort to help the nation get on solid footing. She said she agreed with France's newly elected president Francois Hollande to consider measures to spur growth in Greece.
Spanish Prime Minister Mariano Rajoy also said it would be "a very big mistake" if Greece were to exit.
Borrowing costs initially surged, with Spain's 10-year yield jumping to 6.5%, before pulling back to 6.3%. Italian bond yields also jumped to 6% before easing to 5.8%.
While Europe's debt crisis remains a broad concern for U.S. investors, hope are high that U.S. financial institutions have had ample time to protect themselves from the effects of contagion.
Moreover, while the 27-nation European Union and the 17-nation euro-zone are teetering on the edge of recession, the U.S. economy continues to grow, albeit at a slow pace.
Economically speaking, housing starts jumped to an annual rate of 717,000 in April, from the revised level of 699,000 in March. Analysts had expected a rate of 680,000.
Meanwhile, building permits fell to an annual rate of 715,000 in April, from the revised figure of 769,000 in March. Analysts expected permits to fall to 730,000.
The Fed's reading on the nation's factory output was also better than expected. Industrial production rose 1.1% in April, rising at the fastest pace since December 2010. Economists were forecasting that industrial production rose 0.5% in April after being unchanged the previous month.
Meanwhile, the Fed also released the minutes from the April meeting of the Federal Open Market Committee.
According to the minutes, "several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough."
In previous minutes, only "a couple of members" expressed support for further stimulus.
The price on the benchmark 10-year U.S. Treasury regained strength, pushing the yield down to 1.76% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil fell back another $1.14 to $92.84 U.S.
Gold futures for June delivery lost $20.50 to settle at $1,536.60 U.S. an ounce, the lowest since last July.
