Markets in Canada’s largest centre ended in the red Tuesday, even as some buzz was created by the profit report issued by one of the country’s biggest banks.
The S&P/TSX Composite Index fail to climb out of negative territory, and closed lower by 82.19 points 12,763.44.
The Canadian dollar dipped 0.32 cents to 72.64 cents U.S.
Metals and mining stocks took the biggest bruising, most notably Teck Resources, down $1.04, or 11.1%, to $8.29.
Energy stocks took a pounding, too, as Suncor dumped $1.16, or 3.4%, to $32.73, and Crescent Point Energy trailed yesterday’s close by 52 cents, or 3.2%, to $16.01.
Among gold stocks – the leader among winning groups – Barrick Gold leaped $1.08, or 6.2%, to $18.63, while Goldcorp popped 55 cents, or 2.7%, to $21.26.
Health-care stocks climbed out of sick bay, as much-maligned Valeant Pharmaceuticals jumped $5.24, or 5%, to $109.40.
In the telecom sector, TELUS Corporation gained 18 cents, or 0.5%, to $39.76, while BCE Inc. took on 35 cents, or 0.6%, to $58.73.
ON BAYSTREET
The TSX Venture Exchange moved lower 1.64 points to 532.77
Seven of the 13 TSX subgroups lost ground on the day, with metals and mining down 7.1%, energy reversing 3.6%, and industrials off 1.2%.
The half-dozen laggards were led by gold, up 2.5%, health-care, improving 1.8%, and telecoms, gaining 1.2%.
ON WALLSTREET
U.S. stocks closed lower Tuesday, as hopes of an oil production cut were dashed and after the consumer confidence index missed the mark.
The Dow Jones industrial average dropped 188.88 points, or 1.1%, to 16,431.78, as declines in Goldman Sachs, Chevron and JPMorgan Chase worked their way into the picture. Morgan held its investor day Tuesday and its investment banking chief said first-quarter revenues in investment banking fees are down 25% year-over-year.
The S&P 500 slumped 24.36 points, or 1.3%, to 1,921.14. Energy traded about 3% lower to lead S&P 500 decliners.
The NASDAQ index slouched 67.02 points, or 1.5%, to 4,503.58, as declines in top tech names Apple, Microsoft and Amazon tilted the index lower.
Home Depot came well off session highs gains but remained the top contributor to gains in the Dow following encouraging earnings.
Home Depot, the number-one U.S. home improvement chain, reported better-than-expected quarterly sales, boosted by an improving housing market and unseasonably warm weather in the holiday quarter.
Macy's reported earnings that beat on both the top and bottom line and gave full-year earnings guidance largely above estimates, according to media reports. The retailer said it expected $900 million U.S. in capital expenditures for 2016, less than the approximately $1.1 billion U.S. spent in fiscal year 2015.
Saudi Arabia's oil minister said Tuesday at the CERAWeek energy conference that production cuts won't happen, although producers will hopefully meet in March to negotiate an output freeze.
Stocks extended losses after The U.S. Conference Board said its consumer confidence index fell to 92.2 in February, down from a downwardly revised 97.8 in January. Analysts had expected the index to hold near January levels.
Elsewhere on the data front, the S&P/Case-Shiller 20 city composite home price index showed a 5.7% increase year-over-year in December.
U.S. home re-sales unexpectedly rose in January, reaching a six-month high, in the latest sign that the economy remains on firmer ground despite slowing global growth and tightening financial market conditions.
The National Association of Realtors said on Tuesday existing home sales increased 0.4% to an annual rate of 5.47 million units, the highest level since July. Last month's sales pace was also the second highest since 2007.
Prices for the 10-year Treasury improved, lowering yields to 1.74% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.84 a barrel to $31.48 U.S.
Gold prices regained $16.45 to $1,225.08 U.S. an ounce.
