The Toronto stock market plunged more than 100 points Wednesday as traders digested a slew of economic data signaling a possible slowdown in both the Canadian and U.S. economies.
The S&P/TSX composite index let go of 103.4 points to end Wednesday at 12,473.65
The Canadian dollar recovered 0.11 cents to 98.34 cents U.S.
By mid-afternoon, all sectors on the Toronto stock exchange were lower, with gold seeing the largest decline. Shares in Agnico Eagle Mines were down nearly 5.6%, or $1.73, to $29.03.
The telecom sector was pulled down by shares in Rogers Communications, which dropped by $1.72, or 3.5% to $48.20.
The energy sector fell as Talisman Energy saw its shares dip 1.8%, or 21 cents to $11.50.
July copper dipped two cents to $3.27 U.S. a pound as the metals and mining sector fell
Engineering company SNC-Lavalin said allegations about a subsidiary using a secret code to account for bribes on several projects across Africa and Asia have been resolved and are history. The company says it is focused on moving ahead with systems that would prevent the problems from re-occurring.
SNC stock slipped 55 cents, or 1.3%, to $41.79.
In the economic docket today, national home sales declined 2.1% in February, according to statistics released today by the Canadian Real Estate Association, and 15.8% below levels for February 2012.
Statistics Canada reported this morning that manufacturing sales dropped 3% to $49.5 billion in March, the third decline in four months.
ON BAYSTREET
The TSX Venture Exchange dropped 13 points to 936.87
All 14 Toronto subgroups were lower on the day, weighed by the gold sector, stumbling 4.6%, materials, down 2.7%, and the telecoms group, off 1.4%.
ON WALLSTREET
Wall Street started Wednesday in the red, but stocks resumed their march into record territory by the afternoon, with all 10 sectors of the market moving higher.
The Dow Jones Industrials climbed 60.44 points to 15,275.70, with JPMorgan Chase and American Express leading the way.
The S&P 500 index gained 8.44 points to 1,658.78, while the NASDAQ Composite took on 9.01 points to 3,471.62.
The advance put the Dow and S&P 500 at fresh all-time highs, and the NASDAQ at its highest level since 2000.
Shares of Netflix jumped 4% Wednesday. The stock was a top performer in the S&P 500 and the NASDAQ 100.
While the stock has been hot all year, surging more than 150%, the return of "Arrested Development" is what's driving the enthusiasm today.
The quirky Fox sitcom went off the air in 2006, but is slated to make its debut on Netflix next week.
While earnings season is nearly over, results from a few big names continue to trickle in. Macy's stock edged up after the retailer reported a gain in quarterly profit, revenue and same-store sales. Macy's also boosted its quarterly dividend by 25% and announced a $1.5-billion U.S. increase to its share buyback plan.
In other earnings news, John Deere posted a better-than-expected profit for the second quarter but shares of the heavy equipment manufacturer tumbled after it cut its sales forecast for the year.
Cisco earnings are up after the bell.
Google kicks off its annual developer's conference Wednesday. The company is expected to unveil a paid subscription music-streaming service according to news reports.
Shares of the tech giant topped $900 U.S. for the first time Wednesday, climbing as high as $911.76 U.S. Google's market value also jumped above $300 billion U.S. for the first time in history.
Internationally, France slipped back into recession after a 0.2% decline in Gross Domestic Product for the first quarter of 2013, Germany's economy expanding by 0.1% over the same period.
Economically, the Producer Price Index dropped 0.7% in April -- its biggest decline since February 2010, signaling that inflation remains weak.
However, a report on the manufacturing sector was disappointing. In May, the Empire State manufacturing survey fell into negative territory for the first time since January. Economists were looking for activity to improve.
Prices on the 10-year U.S. Treasury gained ground, lowering yields to 1.94% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions
Oil prices eked ahead 10 cents to $94.31 U.S. a barrel.
Gold prices jettisoned $33.40 at $1,391.10 U.S. an ounce
