U.S. stocks ended Tuesday relatively flat while Canadian stocks soared on their first day of trading since Friday, amid ongoing uncertainty over the next move to deal with the European debt crisis.
The Dow Jones industrial average closed at 11,416.30, down 16.88 points, or 0.2 per cent. The broader S&P 500 closed at 1,195.54, up 0.65 of a point. In Canada, the S&P/TSX composite index closed at 11,875.55, up 287.19 points, or 2.5 per cent. The Canadian stock market was closed on Monday, when the Dow surged.
Slovakia was a big reason for the cautiousness in the market, after the small euro zone nation deliberated -- then voted against -- expanding the euro zone bailout fund. However, the move was widely expected, and a repeat vote is likely to happen later this week.
Aloca Inc. rose 2.1 per cent during regular trading hours, before kicking off the unofficial start of the third quarter reporting season. The aluminum producer reported net earnings of 15 cents (U.S.) a share, missing analysts' expectations. While earnings were higher than last year's third quarter results, they were down from 28 cents a share in the second quarter, highlighting the extent to which economically sensitive companies are struggling with the slowing global economy.
However, 99 Cents Only Stores rose 4.4 per cent after agreeing to a takeover by private-equity firm Ares Management LLC and Canada Pension Plan Investment Board.
In other moves, U.S. bank stocks reversed earlier declines. Bank of America Corp. rose 1.4 per cent and Citigroup Inc. rose 5.1 per cent.
In Canada, the rally was widespread: Suncor Energy Inc. rose 2.8 per cent, Barrick Gold Corp. rose 1.8 per cent, Royal Bank of Canada rose 1.4 per cent and Research In Motion Ltd. rose 3.5 per cent.