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Stockhouse @ The Bell: TSX down as resources dip, and earnings misses pull the Dow lower

Stockhouse Editorial
0 Comments| January 21, 2014

U.S. stocks were mixed Tuesday as markets reopened after the Martin Luther King long weekend.

Canadian stocks closed slightly lower as both the materials and metals and mining sectors saw significant declines.

The S&P/TSX composite index fell 38.53 points to 13,951.77. The TSX Venture Exchange closed up 0.19 points to 979.96.

The Canadian dollar recovered from sharp early declines but still gave back 0.18 of a cent to 91.14 cents U.S. a day before the Bank of Canada makes its latest announcement on interest rates.

On the TSX, the gold sector was up 0.01 per cent even as February bullion fell $10.10 to US$1,241.80 an ounce on the New York Mercantile Exchange.

Elsewhere on the TSX, the materials sector was down 0.88 per cent as shares in Agrium (TSX:T.AGU, Stock Forum) declined on news that its fourth-quater earnings would be at the bottom of earlier guidance, while the metals and mining sector was off 0.59 per cent.

In the US, stocks are ending mostly higher even as a few big-name companies pull the Dow Jones industrial average lower.

Wall Street was mixed as markets reopened following the Martin Luther King long weekend. The Dow Jones industrials took back early gains and fell 44.12 points to 16,414.44. The Nasdaq jumped 28.18 points at 4,225.76 and the S&P 500 saw an uptick of 5.1 points to 1,843.80.

The Standard & Poor's 500 index rose five points, or 0.3 per cent, to end at 1,843 Tuesday.

The Dow fell 44 points, or 0.3 per cent, to 16,414. Weak showings from Travelers (NYSE:TRV, Stock Forum) and Johnson & Johnson (NYSE:JNJ, Stock Forum) helped pull the index lower.

The Nasdaq composite ended up 28 points, or 0.7 per cent, to 4,225.

Broad market indicators were mostly higher. Eight of the 10 industry sectors in the S&P 500 average rose, led by materials stocks.

Dow Chemical (NYSE:DOW, Stock Forum) rose 7 per cent after the hedge fund Third Point bought a big stake in the company.

Delta (NYSE:DAL, Stock Forum)  increased 3 per cent after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose.

For news about small stocks that made big moves in Tuesday’s trading, please read the

Stockhouse Canadian Small and Micro-cap Stock Report


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