North American stocks were mixed at the start of trading on Tuesday, with U.S. stocks down slightly and Canadian stocks playing catch-up to the strong U.S. rally on Monday, when the Canadian market was closed.
The Dow Jones industrial average was down 22 points or 0.2 per cent, to 10,653. The broader S&P 500 was down 3 points or 0.2 per cent, to 1123. In Canada, the S&P/TSX composite index was up 130 points or 1.1 per cent, to 11,843.
Pfizer Inc. was one of the big U.S. movers after the pharmaceuticals company reported a 9.5 per cent gain in its second quarter earnings, topping expectations. Energy stocks were also strong after the price of crude oil continued its recent gains. Chevron Corp. and Exxon Mobil Corp. rose 0.6 per cent each.
However, consumer staples giant Proctor & Gamble fell 3.2 per cent after investors booed its fiscal fourth quarter results. Technology stocks were also down. Intel Corp. fell 1.6 per cent and Microsoft Corp. fell 0.5 per cent.
In Canada, Kinross Gold Corp. fell 6.9 per cent after the gold producer announced a friendly $7.1-billion (U.S.) merger with Red Back Mining Inc. Red Back shares rose 6.2 per cent.
Meanwhile, among energy stocks, Suncor Energy Inc. rose 1.3 per cent and Canadian Natural Resources Ltd. rose 1.8 per cent. Among financials, Manulife Financial Corp. rose 1.5 per cent and Royal Bank of Canada rose 1.3 per cent.