The Toronto stock market was lower Tuesday amid another round of worries about a slowing global economy.
The S&P/TSX composite index finished the day down 145.42 points, or 1.2%, to 12,273.57
The Canadian dollar lost 0.17 cents to 102.20 cents U.S.
The gold sector lost ground as Barrick Gold Corp. faded $1.53, or 3.7%, to $39.60
The energy sector was down and Cenovus Energy gave back 22 cents to $34.20.
December copper clawed back some of Monday’s six-cent loss, rising one cent to $3.73 U.S. a pound. The base metals sector was little changed but Teck Resources ran ahead 36 cents to $30.46.
Research In Motion helped take the tech sector down after research analysts at Jefferies Group reaffirmed its underperform rating for the BlackBerry maker. RIM shares fell 44 cents, or 5.5%, to $7.62.
Stock markets were closed in Canada Monday for Thanksgiving
On the economic calendar, Canada Mortgage and Housing Corporation reported this morning that he annual rate of housing starts declined in September to 220,215, down from 225,328 a month earlier.
ON BAYSTREET
The TSX Venture Exchange slipped 17.17 points to 1,327.81
All but one of the 14 Toronto subgroups stayed in negative country throughout the day, weighed mostly by gold issues, down 3%, materials, off 2.6%, while health-care dipped 1.9%.
The lone holdout was global base metals, up 0.2%.
ON WALLSTREET
U.S. stocks fell Tuesday as investors gear up for the unofficial start of the third-quarter earnings season but despite the day's weakness, the Dow and S&P 500 continue to hover near five-year highs.
The Dow Jones Industrial average capsized 110.12 points, to 13,473.50
The S&P 500 stumbled 14.40 points to 1,441.48, while the tech-rich Nasdaq lost 47.33 points to 3,065.02
In fact, heading into Tuesday’s session, the Dow was just 4% away from its all-time closing high of 14,164.53, reached exactly five years ago today, while the S&P 500 was about 7% away from its record closing high of 1,565.15.
The Nasdaq has been trading near its highest levels since November 2000, but has a ways to go before it reaches its record high above 5,000. reached in March 2000.
Corporate America will be focused on over the next few weeks as companies open up their books. Analysts are expecting third-quarter earnings for the S&P 500 to decline 1.4%, according to S&P Capital IQ. That would be the worst result for stocks since the third quarter of 2009.
Aluminum producer Alcoa considered a bellwether of the economy because of its global reach, will be the first Dow component to report after the bell.
Also on tap to report Tuesday is KFC and Taco Bell owner Yum Brands, which has a big presence in China. The week will culminate with the first big bank earnings: JPMorgan Chase and Wells Fargo are both set to report before the market opens on Friday.
Tech stocks were among the biggest laggards. Netflix shares tumbled following a downgrade by Bank of America. Shares had risen 10% the previous day after an upgrade by Morgan Stanley
Shares of Edwards Lifesciences sank a day after the medical device company revised down its quarterly sales forecast.
Shares of drugmaker Eli Lilly gained ground on news that its drug -- still in the testing phase -- could slow down memory decline in Alzheimer patients with mild symptoms.
Shares of Wells Fargo fell after a New York-based U.S. attorney filed a civil lawsuit against the bank for hundreds of millions of dollars in damages for mortgage fraud.
Late Monday, the International Monetary Fund projected world economic growth of 3.3% this year and 3.6% next year. It also said Italy, Spain and others will likely miss budget deficit targets this year.
The price of the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.72% from 1.75% late Friday. The bond market was closed on Monday for the Columbus Day holiday.
Oil prices regained $2.90 to $92.23 U.S. a barrel.
Gold prices slipped $10.00 to $1,765.80 U.S. an ounce.
