Canadian stocks took a small dive on Monday, with investors wary ahead of a meeting by euro-zone finance ministers on debt-burdened Greece and U.S. negotiations over the "fiscal cliff" that could derail the world's biggest economy.
The S&P/TSX Composite Index slid 33.88 points to open the final week of November at 12,179.36
The Canadian dollar skidded 0.17 cents to 100.56 cents U.S.
In company news, private equity company Onex Corp said it will buy USI, a U.S. provider of insurance brokerage services, from GS Capital Partners for $2.3 billion. Onex stock dropped 28 cents to $40.27
Duluth Metals Limited announced that a fourth drill rig has been mobilized on Duluth Metals 100% owned exploration properties in the Duluth Complex in Minnesota. Duluth Metals nipped up a penny to $2.39.
Research In Motion is still in the news, having announced that more than 50 carriers have now implemented integrated carrier billing on the BlackBerry App World storefront for their customers. RIM stock shot up 30 cents to $11.91 in today’s first hour of trading.
No economic data is due out today.
ON BAYSTREET
The TSX Venture Exchange slumped 27.25 points to 1,231.72
All but two of the 14 Toronto subgroups were lower to begin the session. Gold stumbled 1%, materials gave back 0.8% and the metals and mining group was 0.6% to the bad.
The two gainers were information technology, up 0.4%, and financials, inching up 0.02%.
ON WALLSTREET
U.S. stocks opened lower Monday as investors returned to work with one eye on the results from the first weekend of the holiday shopping season, and the other on upcoming economic negotiations in Washington and Europe.
The Dow Jones Industrials tanked 68.57 points to 12,941.10
The S&P 500 moved 6.69 points lower to 1,402.46, and the Nasdaq Composite Index fell 2.97 points to 2,963.89.
No major economic or corporate reports are expected, so investors will be looking for signs of an economic recovery in retail sales. On Sunday, the National Retail Federation reported that the Black Friday weekend brought in a record $59.1 billion U.S. in sales, up 13% from last year.
Abercrombie & Fitch shares rose more than 2%, making it the strongest performer in the S&P 500, on reports that the retailer has a solid sales weekend.
Shares of Knight Capital jumped after a report late Friday in the Wall Street Journal said the trading firm is weighing the sale of its market-making business, the unit whose trading glitch in August that cost the company more than $400 million U.S.
Research in Motion shares gained ground, as investors are hopeful the BlackBerry 10, debuting Jan. 30, will signal a turnaround for the company. A bullish analyst report triggered a rally Friday, with the stock rising 14%.
Treasury prices gained ground, lowering yields to 1.65% from Friday’s 1.68%. Treasury prices and yields move in opposite directions.
Oil prices shed 82 cents to $87.46 U.S. a barrel.
Gold prices let go of $1.60 an ounce to $1,749.80 U.S.
