If you were hoping on Tuesday for a continuation of Monday's strong U.S. rally, here's a mixed result: Canadian stocks moved higher in a catch-up move, but U.S. stocks fell.
The Dow Jones industrial average closed at 10,636.38, down 38 points, or 0.4 per cent. The broader S&P 500 closed at 1120.46, down 5.4 points, or 0.5 per cent. In Canada, the S&P/TSX composite index closed at 11,782.60, up 69.17 points, or 0.6 per cent.
While the losses were slight, they do raise the question whether Monday's gains are sustainable as the second quarter earnings season ticks down and investors turn their attention to economic growth in the second half of the year - which few observers are excited about.
On Tuesday, various economic data for June were disappointing. Personal income and spending was flat, against expectations for slight gains. Factory orders fell more than expected. And pending home sales fell 2.6 per cent month over the month, against expectations for a gain of 4 per cent.
Procter & Gamble fell 3.4 per cent after the consumer products company missed its own forecasts when it reported its fiscal fourth quarter earnings. Technology stocks were also generally weak, with Intel Corp. down 1.3 per cent and Microsoft Corp. down 0.7 per cent.
However, Pfizer Inc. rose 5.6 per cent after reporting better-than-expected quarterly results. Energy stocks were also higher after crude oil rose to $82.55 (U.S.) a barrel, marking a fresh three-month high. Exxon Mobil Corp. rose 1.3 per cent and Chevron Corp. rose 1.1 per cent.
Canada's Research In Motion Ltd. fell 4 per cent after the BlackBerry maker unveiled a new device and operating system, but continued to battle the United Arab Emirates over security issues.
Kinross Gold Corp. fell 6.4 per cent after it announced a friendly $7.1-billion deal to buy Red Back Mining Inc.