TORONTO _ The Toronto stock market closed lower amid a poorly received earnings report from CIBC and data showing the U.S. economy performing worse than expected earlier this year.
The S&P/TSX composite index moved down 22.01 points to 14,588.95.
CIBC (TSX: T.CM, Stock Forum) said that poor results in its Caribbean operations were responsible for net income dropping to $306 million from $862 million a year ago. CIBC also raised its quarterly dividend but its shares dropped $1.36 to $97.68.
The Canadian dollar was up 0.33 of a cent to 92.28 cents US.
U.S. indexes were higher as the first revision to first-quarter gross domestic product showed that GDP actually shrank at an annualized rate of one per cent in the period, largely because of severe winter weather. That was much higher than the 0.5 per cent drop that economists had expected, but they anticipate the weakness to be short-lived.
The Dow Jones industrials rose 65.56 points to 16,698.74, the Nasdaq climbed 22.88 points to 4,247.95 and the S&P 500 index was ahead 10.25 points at 1,920.03.
For news about small stocks that made big moves in Thursday’s trading, please read the
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