Equities in Canada’s biggest market fell on Tuesday amid weakness in resource stocks and a tumble in shares of Valeant Pharmaceuticals International Inc as the market reopened following an extended Christmas break.
The S&P/TSX composite index ailed 86.07 points to greet noon Tuesday at 13,223.73. The market rose 2.2% during an abbreviated week last week.
The Canadian dollar gained 0.26 cents to 72.18 cents U.S.
Valeant tumbled nearly 12% to $138.81. On Monday, the company said a group of executives would take over for its chief executive officer until he returns from medical leave. Michael Pearson is reportedly being treated for severe pneumonia.
Goldcorp Inc fell 4.6% to $16.12 and Barrick Gold Corp declined 4.3% to $10.38.
Energy stocks fell, including a 2.9% drop in Encana Corporation to $6.78.
Financial sector stocks clung to a modest gain, helped by a 0.4% gain for Bank of Montreal to $79.06.
Loblaw Companies rose 1.2% to $67.08.
ON BAYSTREET
The TSX Venture Exchange regained 0.93 points to 517.76
Eight of the 13 TSX subgroups were down, weighed most by gold, dulling in price 3.1%, metals and mining, down 3%, and health-care, off 2.8%
The five gainers were led by consumer staples, advancing 1.1%, while information technology and telecoms each surged 0.8%.
ON WALLSTREET
U.S. stocks traded higher Tuesday, following gains in overseas markets, as oil and other commodities attempted recovery from multi-year lows.
The Dow Jones industrial average spiked 155.73 points to 17,684. IBM, Boeing and UnitedHealth were among the top gainers as nearly all Dow components advanced.
The S&P 500 gained 17.19 points to 2,073.69. All S&P 500 sectors advanced, bringing the index back into positive territory for 2015 in intraday trade.
The NASDAQ index zoomed 49.23 points, or nearly 1%, to 5,090.22. Amazon gained more than 2.5% in midday trade to hit a fresh all-time high. The stock is up more than 120% year-to-date
Shares of Qualcomm held more than 2% higher amid news the chip maker entered new license agreements with two Chinese firms.
As of Monday's close, the S&P 500 was 0.1% lower year-to-date, while the Dow slid 1.7% for the year so far. The NASDAQ was up 6.4% for 2015.
In economic news, home values in October were 5.2% higher year-over-year, greater than the 4.9% annual gain in September, according to the S&P/Case-Shiller National Home Price Index that covers all nine U.S. census divisions.
Consumer confidence for December came in at 96.5, topping expectations.
Prices for the 10-year Treasury slid, raising yields to 2.27% from Monday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices regained 86 cents a barrel to $37.67 U.S.
Gold prices dipped six cents to $1,069.02 U.S. an ounce.
