The Toronto Stock Exchange gave up some ground Monday as investors cashed in on the some of the profits made during an eight-day run leading up to this trading day, and some commodity prices fell.
At the close, the S&P/TSX composite index was down 67 points, or 0.6 per cent, to 11,642. The materials and energy sectors were the main drags as some key prices fell.
On the New York Mercantile Exchange, gold was down $9 to $1,113.10 US an ounce. Copper was off by five cents to $3.33 US a pound. Oil reversed earlier declines to gain 35 cents to $80.16 US a barrel, though natural gas was down 14. 9 cents to $4.895 per million BTUs.
The Canadian dollar was down 15 basis points to 95.96 cents US in late-day trading.
There was a lack of major news and prominent economic reports Monday. There was anticipation of what U.S. Federal Reserve chairman Ben Bernanke will tell Congress on Wednesday. Many are expecting him to emphasize that the recent quarter-point hike to the discount rate – to 0.75 per cent from 0.5 per cent – does not mean an increase to the main federal funds rate – currently near zero – is coming anytime soon.
U.S. markets were down also, despite earnings reports from Lowe's Co. and Campbell Soup Co. that were at least as good as the median analyst estimates on them.
The Dow Jones industrial average was down 19 points, or 0.2 per cent, to 10, 383 at the close. The Nasdaq composite index was off by two points, or 0.1 per cent, to 2,242.
European markets saw losses Monday, though there were gains in Asia.
