The Toronto stock market declined Tuesday, pressured by the falling price of gold and oil amid signs that geo-political tensions may ease after Syria agreed to hand over its chemical weapons.
The S&P/TSX composite index ended Tuesday down 30.16 points to 12,824.48
The Canadian dollar moved higher 0.25 cents to 96.63 cents U.S.
The gold sector was down, with shares in Barrick Gold down 3.9%, or 78 cents, at $19.14 and shares in Alamos Gold down 6.3%, or $1.06, to $15.80.
In corporate news, Toronto-based Centerra Gold Inc. has announced a potential resolution of its difficulties with the Kyrgyz government related to its Kumtor gold project. Its shares were initially up on the news, but later reversed direction and were down 34 cents, or 5.3%, at $6.13.
Meanwhile, shares in smartphone maker BlackBerry Ltd. lost most of the gains they picked up Monday on reports that a sale of the company was not as close as some may believe. BlackBerry shares dropped 5.3%, or 63 cents, to $11.33.
Stronger-than-expected industrial output reinforced other signs that China's economy was stabilizing after slowing for more than two years, just as major emerging markets brace for potential fallout from an expected trimming of U.S. stimulus.
On the domestic economic front, Canada Mortgage and Housing Corporation reported this morning that August housing starts fell more than expected to 180,291. The market call had been for a reading of 190,000.
The July figures were revised slightly higher to 193,021 from the 192,853 originally reported.
ON BAYSTREET
The TSX Venture Exchange fell 9.09 points to 942.85
The 14 Toronto subgroups were evenly split between gainers and losers. Metals and mining stocks jousted with their cousins in the global base metals group as the top gainer, each up 1.1%, while real-estate issues advanced 1%.
The seven laggards were weighed by gold, plummeting 4.7%, materials, descending 1.8%, and information technology, off 1.1%.
ON WALLSTREET
Investors had a lot to be celebrate Tuesday: Upbeat data from China and easing Syria concerns lifted the broader market, even though the unveiling of two new iPhones didn't excite traders.
The Dow Jones Industrials rocketed higher 127.94 points to close at 15,191.10. The S&P 500 index gained 11.14 points to 1,682.85. The NASDAQ gained 22.84 points to 3,729.02
The NASDAQ finished at its highest level since September 2000. The Dow is less than 3% below its all-time high from early August, while the S&P 500 is less than 2% shy from its all-time peak.
Apple revealed two new iPhones: the iPhone 5S and less expensive "iPhone 5C." Shares of Apple closed more than 2% lower Tuesday, but the stock has run up nearly 20% in the past two months in anticipation of the announcement.
Netflix shares closed at an all-time high above $313 U.S. per share, surpassing their previous record of $304.79 U.S. reached in July 2011.
Shares of Urban Outfitters tumbled after it warned that its third-quarter same-store sales, a key measure for retailers, would only grow at a mid-single digit pace. That was below forecasts.
Nike, Goldman Sachs and Visa were also in focus, as the three will be the newest members of the Dow, replacing Alcoa, Hewlett-Packard and Bank of America. Shares of Goldman, Nike and Visa all rose on the news. Alcoa and HP fell slightly while BofA was up more than 1%.
The broader market was likely moving higher again as concerns about a U.S.-led military strike on Syria have been pushed to the back burner. A military strike had seemed imminent last month and caused some extreme market volatility recently.
But politicians in Washington continue to debate the pros and cons of a strike. In addition, Secretary of State John Kerry raised the possibility Monday of avoiding an attack if Syria were to give up its chemical weapons.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.96% from Monday’s 2.90%. Treasury prices and yields move in opposite directions.
Oil prices docked $2.26 to $107.26 U.S. a barrel.
Gold prices sank $21.60 at $1,365.10 U.S. an ounce.
