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Stocks head lower in early trading; TSX up for week amid strong earnings data

Canadian Press, The Canadian Press
1 Comment| July 25, 2014


TORONTO _ Mining and energy stocks were responsible for a slight decline on the Toronto stock market.

The S&P/TSX composite index slipped 4.51 points to 15,389.94. The Canadian dollar was down 0.14 of a cent to 92.93 cents US.

U.S. indexes were lower as traders digested another earnings disappointment from online retailer Amazon and a positive reading on durable goods orders.

Orders for durable goods, such as machinery, computers and related products and commercial aircraft, increased by 0.7 per cent during June. The Dow Jones industrials dropped 73.06 points to 17,010.74, the Nasdaq fell 24.16 points to 4,447.95 and the S&P 500 index was down 5.88 points to 1,982.1.

Amazon shares plunged 12 per cent after posting a loss of US$126 million, or 27 cents per share, compared with $7 million, or two cents per share, a year ago.

The Toronto stock market headed for a positive week amid a string of record-high closes after investors took in a series of positive earnings reports from Canadian National Railway (TSX: T.CNRStock Forum), Teck Resources Ltd. (TSX: TCK.B, Stock Forumand grocer Loblaw Companies Ltd. (TSX: T.LStock Forum).


Tags: INDUSTRIAL METALS & MINERALS INDUSTRIALS CONSUMER DEFENSIVE RAILROADS

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