Stocks turned in a lacklustre day on Wednesday, after strong earnings from Apple Inc. failed to ignite the broader market.
The Dow Jones industrial average closed at 12,571.91, down 15.51 points or 0.1 per cent - keeping within a tight 60-point trading range throughout the entire day. The broader S&P 500 closed at 1325.84, down 0.89 point or less than 0.1 per cent. In Canada, the S&P/TSX composite index closed at 13,340.83, up 7.91 points or less than 0.1 per cent.
The relatively flat results followed strong gains on Tuesday, when upbeat earnings, strong U.S. housing starts and optimism that Washington would reach a deal on extending the debt ceiling gave the Dow its best one-day gain this year.
Apple Inc. rose 2.7 per cent after it reported better-than-expected results on Tuesday, after markets closed. Earnings more than doubled over last year, yet the results failed to instill greater confidence in the economy. Perhaps investors are awaiting the Labor Department's weekly initial jobless claims on Thursday morning.
That said, bank stocks were strong, with Bank of America Corp. up 2.9 per cent and JPMorgan Chase & Co. up 1.4 per cent. Technology stocks were generally weak: Microsoft Corp. fell 1.7 per cent and International Business Machines Corp. fell 0.8 per cent.
Intel Corp. fell 0.3 per cent during regular trading hours. After markets closed, the chip maker reported second quarter earnings that beat analysts' expectations. The company also delivered a third quarter sales forecast that topped expectations.
Energy stocks were mixed after the price of crude oil rose to $98.40 (U.S.) a barrel, up 54 cents. Suncor Energy Inc. fell 0.2 pr cent but Canadian Natural Resources Ltd. rose 0.6 per cent. Meanwhile, gold producers rose even as the price of gold retreated below $1,600 an ounce.