The Toronto main stock market stayed positive Monday as commodities rose and traders looked ahead to another slew of earnings news and important economic data.
The S&P/TSX Composite Index was still in the green 36.63 points to greet Monday at 12,853.26
The Canadian dollar dipped 0.14 cents to 99.27 cents U.S.
Canadian Pacific Railway and grocer Metro Inc. report earnings results on Tuesday while Potash Corp. of Saskatchewan and Canadian Oil Sands hand in numbers on Thursday.
Elsewhere on the corporate front, Research In Motion Ltd. unveils its new BlackBerry 10 product line in New York on Wednesday. Its stock has been on a tear lately amid optimism about the new lineup, rising 12% last week alone. Its shares were up another 19 cents Monday to $17.80.
Mining stocks also helped send the TSX higher as Lundin Mining improved by five cents to $5.24 while Teck Resources climbed 27 cents to $38.
The gold sector was down as Kinross Gold Corp. faded seven cents to $8.50.
Outside of the resource sector, the telecom sector gained ground with Rogers Communications ahead 49 cents to $46.75.
Financials also supported the TSX as Royal Bank rose 29 cents to $62.39.
ON BAYSTREET
The TSX Venture Exchange lurched lower 6.2 points to 1,221.04
Eight of the 14 Toronto subgroups were still higher by midday, led by telecoms, up 0.9%, financials, shooting 0.8% higher, and health-care, up 0.5%.
The half-dozen laggards were weighed by information technology, sliding 1.5%, global base metals, off 0.9%, and gold, down 0.6%.
ON WALLSTREET
U.S. stocks barely budged Monday, despite upbeat economic and corporate news, as investors were reluctant to push prices higher following four weeks of gains.
The Dow Jones Industrial Average dropped 10.25 points, to break for lunch at 13,885.70
The S&P 500 slipped 0.45 points to 1,502.51. The tech-heavy NASDAQ Composite tacked on 9.61 to 3,159.32
U.S. stocks are coming off four straight weeks of gains. The Dow finished Friday at its highest level since October 2007, while the S&P 500 closed above the 1,500 mark for the first time since December 2007. The Dow is now just 2% away from its all-time high, and the S&P 500 is 5% from its record high.
Meanwhile, Caterpillar said fourth-quarter earnings fell 55% to $1.04 U.S. per share, reflecting a previously disclosed $580-million U.S. charge. Excluding the one-time item, Caterpillar's results topped analyst estimates, sending shares up 1.5% in morning trading.
Caterpillar, the biggest seller of construction equipment in the world, said the U.S. economy will continue to improve this year, but warned that "growth is expected to be relatively weak." Despite an uncertain outlook for the global economy, Caterpillar said 2013 could be a record year for the company.
Yahoo earnings are up after the bell. The company's fourth-quarter results are a big test for CEO Marissa Mayer, who shocked the world last summer by taking the top spot at Yahoo. The results will be a look into Yahoo's new business strategy -- the results of which Mayer began laying out in an all-staff meeting in September.
Of the 141 companies in the S&P 500 that have reported earnings so far, 67% have reported results above analyst expectations, according to Thomson Reuters.
Also on the corporate list, shares of Apple will be in focus Monday. The iPhone and iPad maker's stock is down almost 20% this year.
On Friday, Apple lost its title as the world's most valuable company to Exxon as shares closed at a one-year low.
Shares of Hess rose 5% after the oil and gas company said it would sell more assets as it exits the refining business. The company also disclosed that it activist investor Elliot Associates is interested in buying up to $800 million U.S. worth of Hess stock.
On the economic front, the U.S. Census Bureau said durable goods orders rose 4.6% in December. Analysts were looking orders to rise just 1.6% last
The National Association of Realtors said its index of pending home sales fell 4.3% in December.
Prices on the 10-year U.S. Treasury sagged, hiking yields to 1.99% from Friday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices improved 46 cents to $96.34 U.S. a barrel.
Gold prices fell back $2.10 to $1,654.50 U.S. an ounce.
