Concerns over the immediate future of oil prices led to a lower opening for Canada's main stock index on Wednesday, the last day of 2014.
The S&P/TSX composite index dropped 48.77 points to open Wednesday at 14,591.27
The Canadian dollar gained 0.09 cents to 86.22 cents U.S.
As the Obama administration issued landmark guidelines expected to open the door for selling more domestic shale oil abroad, it also likely smoothed the way for more Canadian crude to be shipped through U.S. ports.
Oil powers such as Imperial Oil were down 66 cents, or 1.3%, to $49.64.
Consumer staples were among the bright spots, as Jean Coutu Group gained 42 cents, or 1.5%, to $28.59.
The TSX is on the way to a gain of around 8% for 2014.
ON BAYSTREET
The TSX Venture Exchange slipped 1.48 points to 685.64.
Eight of the 14 Toronto subgroups were lower to begin the day, as energy descended 1.8%, metals and mining shed 1.6% of their strength, and gold lost 0.9%.
The half-dozen gainers were led by consumer staples, up 0.4%, real-estate, up 0.2%, and utilities, ahead 0.1%.
ON WALLSTREET
U.S. stocks traded mildly higher on Wednesday, unfazed by continued low oil prices and slightly disappointing economic data.
The Dow Jones Industrials reclaimed 32.37 points to 18,015.14, with Home Depot leading gains and Exxon Mobil and Chevron the greatest laggards.
The S&P 500 regained 3.26 points to 2,083.61, with health-care leading gains in half the sectors and energy the greatest decliner.
The NASDAQ index gained 16.36 points to 4,793.80.
Home Depot led gains with a 1.3% rise on the Dow in low volume trade.
Stocks to watch include BP, after the U.K.'s Financial Times reported the oil giant was investigating financial traders in its oil and gas group for foreign exchange manipulation.
Drug store chain operator Walgreen Co. completed its merger with Britain's Alliance Boots, with the combined company trading under the WBA ticker and the name Walgreens Boots Alliance. Greg Wasson, who had served as Walgreen CEO, is retiring, with Stefano Pessina becoming acting CEO.
Utilities stocks will be in focus, with that sector being the year's best performer—but yesterday's worst. 2014's best performing utility stocks include Integrys Energy, Edison International, Entergy, and Pepco Holdings.
Apple is on track to post its first yearly decline in iPad sales since the device was introduced, according to a report from market research firm ABI Research. But the report also said Apple should reverse that trend in 2015, with overall tablet sales rising 16%.
The Chicago Purchasing Managers' Index for December came out at 58.3, below expectations.
Pending home sales rose just 0.8% in November from a downwardly revised October reading.
Futures pared gains slightly but remained in the green after the weekly initial jobless claims numbers came in a bit higher than expected at 298,000.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.17% from Tuesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.40 per barrel to $52.72 U.S.
Gold prices settled $6.30 an ounce at $1,194.10 U.S.
