Stocks in Canada’s biggest centre couldn’t quite shake off the red ink Tuesday, despite numerous attempts to scale the breakeven point, as losses in industrial and bank stocks weighed just too much on the market.
The S&P/TSX Composite finished Tuesday negative by 37.93 points to 15,441.36
The Canadian dollar spiked 0.68 cents at 76.58 cents U.S.
Gold stocks paced gains, with Goldcorp soaring 64 cents, or 3.3$, to $19.79, while Iamgold jumped 13 cents, or 2.2% to $6.04.
Among energy issues, Encana Corp. took on 26 cents, or 1.5%, to $17.42, while TransCanada Corp. hiked 59 cents, or nearly 1%, to $61.80.
Utilities also came out positive, as Algonquin Power & Utilities climbed nine cents to $11.30, while Fortis Inc. acquired nine cents to $41.45.
Industrials took the worst beating of the day, as Air Canada was grounded 25 cents, or 1.8%, to $13.56, and Canadian Pacific got thumped $4.20, or 2.2%, to $190.45.
Financials also had a rough day of it, as Scotiabank shares lost 78 cents, or 1%, to $76.59, while TD Bank slid 64 cents, or nearly 1%, to $66.36.
ON BAYSTREET
The TSX Venture Exchange eked up 1.29 points to 796.83
Seven of the 12 subgroups were higher, as gold jumped 1.3%, while energy and utilities each sparked 0.4%.
The five laggards were weighed most by industrials, stumbling 1.1%, financials, scaling back 0.7%, and consumer discretionaries, dipping 0.3%.
ON WALLSTREET
U.S. equities fell on Tuesday, with financials lagging, as uncertainty around President-elect Donald Trump's policies grew.
The Dow Jones Industrials drooped 67.93 points to end the day at 19,817.80, with JPMorgan Chase leading decliners and Wal-Mart the top advancer.
The S&P 500 subtracted 6.75 points to 2,267.89, with financials leading six sectors lower and consumer staples outperforming.
The NASDAQ composite index decreased 35.39 points to 5,538.73
There were no major U.S. economic data due Tuesday, but a slew of firms reported quarterly results, including Morgan Stanley, which beat analyst expectations on both the top and bottom line. Morgan Stanley shares fell 2.5%, however.
Equity markets in the United States were shuttered Monday for Martin Luther King Day.
In an interview with the Wall Street Journal, Trump criticized a proposed corporate tax plan from the House of Representatives, labeling the plan "too complicated.”
The stock market stateside has soared since the election partially on hopes of corporate tax reform, deregulation of certain sectors and more government spending. Trump's inauguration is scheduled for Friday.
Adding pressure to U.S. stocks were concerns of a hard Brexit. In a speech Tuesday, British Prime Minister Theresa May indicated the United Kingdom would seek a clean break from the European Union.
May added, however, The U.K. government will put the Brexit deal it agrees with the European Union to a parliamentary vote.
Prices for the benchmark 10-year Treasury note strengthened, lowering yields to 2.35% from Friday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices gained 24 cents to $52.61 U.S. a barrel
Gold prices hiked $16.40 to $1,212.60 U.S. an ounce.
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