Stocks had trouble early Monday surmounting the levels at which they’d closed last week, after a nuclear deal between Iran and six world powers over the weekend eased worries about geopolitical tensions.
The S&P/TSX composite index slid 9.71 points to begin the week at 13,468.63
The Canadian dollar faded 0.12 cents to 94.84 cents U.S.
Officials said five workers were injured after a fire and tank explosion at an Encana natural gas field in western Wyoming on Friday. Encana shares added three cents to $20.21.
RBC raised the rating on Parex Resources to outperform from sector perform following the release of a cash-flow-funded, 2014 capital plan that should deliver further production and reserves growth. Parex were unchanged at $5.95.
CIBC raised the rating on Pretium Resources to outperform from sector perform, believing the positive bulk sample data point represents a significant de-risking milestone for the company. Pretium shares descended 20 cents to $5.33.
ON BAYSTREET
The TSX Venture Exchange increased 2.66 points, however, to 934.81
Nine of the 14 TSX subgroups began the day higher, led by health-care, haler by 0.6%, while industrials chugged along 0.5% higher, and consumer discretionary stocks forged ahead 0.2%.
The four laggards were weighed by gold, down 1.5%, energy, lapsing 1%, and materials, shedding 0.8%. Information technology issues were unchanged in the first hour of trading.
ON WALLSTREET
The NASDAQ topped 4,000 early Monday for the first time since September 2000 as stocks continued their record run.
The Dow Jones Industrials Index and S&P 500 also opened at all-time highs. The Dow Jones Industrials added 24.27 points to 16,089.
The S&P 500 index moved higher 0.05 points to 1,804.81. The NASDAQ dipped 0.69 points after hitting its intraday high to sit at 3,990.96.
The tech-heavy NASDAQ is still well below its peak of above 5,000, which was set in March 2000. But investors continued to buy stocks Monday thanks to enthusiasm about a landmark deal reached between Iran and the United States, the United Kingdom, France, Russia, China and Germany over the weekend.
As part of the agreement, international powers will relax economic sanctions against Iran in exchange for a promise that the country scales back its nuclear program. Oil prices sank on the expectation of more oil exports from Iran following the nuclear deal.
Besides the Iran deal, there weren't many other news items moving markets. Trading volume is expected to be low during this holiday-shortened week and there are few economic and earnings reports on tap.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
In company news, Wal-Mart announced that current CEO of Wal-Mart International Doug McMillon will replace CEO Mike Duke, who plans to retire early next year.
Apple bought the Israeli company PrimeSense. Apple's stock was up about 1% in early trading
Prices for 10-year U.S. Treasuries moved ahead, lowering yields to 2.73% from Friday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices dropped 82 cents to $94.02 U.S. a barrel.
Gold prices fell $3.70 to $1,240.40 U.S. an ounce.
