North American stock markets were lower Wednesday as the indexes took a breather from the near record levels hit in the last few sessions.
The S&P/TSX composite index slumped 12.22 points to end Wednesday at 14,843.88. The index is still up more than 9% this year.
The Canadian dollar tacked on 0.31 cents to 92.03 cents U.S.
The TSX gold sector advanced as Barrick Gold took on 14 cents to $17.86, and Goldcorp added 27 cents to $26.35.
July copper declined by a penny to $3.04 U.S. a pound, with the TSX metals and mining sector fading. Teck Resources shares were flat at $23.77
The telecom sector was one of the biggest decliners as shares in Bell Aliant dropped 2.6%, or 75 cents, to $28.25, while Rogers Communications stock declined by 2.3%, or $1.03, to $43.67.
Financials were down as Bank of Nova Scotia lost 20 cents, 0.3%, to $70.63, and Royal Bank of Canada gave back 37 cents, or 0.5% to $74.86.
Shares of energy producers shed strength, despite higher oil prices. Canadian Natural Resources Ltd fell 13 cents, or 0.3% to $46.24, and TransCanada Corp. slipped eight cents, or 0.2%, to $50.36.
The World Bank on Tuesday trimmed its global growth forecast, saying a confluence of events, from the Ukraine crisis to unusually cold weather in the United States, dampened economic expansion in the first half of the year.
ON BAYSTREET
The TSX Venture Exchange regained 2.22 points to 989.14
Eight of the 14 Toronto subgroups were down, with telecoms down 1.3%, health-care off 1.1%, and the metals and mining group slid 0.8%.
The half-dozen gainers were led by gold, up 1.4%, materials, up 0.6%, and information technology, advancing 0.4%.
ON WALLSTREET
Stocks were in retreat Wednesday, after surging lately.
The Dow Jones Industrials staggered 102.04 points from Tuesday’s all-time high, to close at 16.843.88
The S&P 500 shed 6.90 points to 1,943.89, and the NASDAQ composite index slumped 6.07 points to 4,331.93.
Bank of America shares were declining after the New York Times reported that the Justice Department is seeking a $17-billion U.S. penalty from the lender over its role in the mortgage crisis.
Facebook took a breather Wednesday from its recent run. The stock is up 14% in the past month and got a good boost this week after eBay announced that PayPal President David Marcus is leaving the e-commerce site to join Facebook. Shares of Facebook are up almost 20% this year.
Lululemon fell after Chip Wilson, the yogawear maker's founder and largest shareholder, released a statement saying that he voted against the reelection of two of the company's board members, including its Chairman Michael Casey, because they didn't align with the company's values.
Lululemon hit back and defended the board members against the accusation. The stock is down 2.5%.
Ulta Salon Cosmetics & Fragrance soared over 14% after the beauty company reported a 19% bump in quarterly profit thanks to an impressive bounce in sales.
H&R Block advanced thanks to strong earnings from the tax preparation firm that were driven by an uptick in its online business.
Amazon popped after it received a rating upgrade by analysts at Goldman Sachs. The company is currently in a spat with Hachette books and Warner Brothers
Today's setback could be driven by the World Bank lowering its Global Economic Outlook for 2014. The bank now predicts a 4.8% pace for the year, down from its January estimate of 5.3%, marking the third straight year of under 5% growth for developing economies.
In a week without much new data, investors are looking for ways to gauge the pulse of the economy.
Prices for 10-year U.S. Treasuries were lower Wednesday afternoon, raising yields to Tuesday’s 2.64%. Treasury prices and yields move in opposite directions
Oil prices gained 10 cents to $104.45 U.S. a barrel.
Gold prices gained 50 cents at $1,260.60 U.S. an ounce.
