Major North American stock market indexes lacked any clear direction on Monday, but closed the day down as energy stocks fell and investors weighed a new health-care plan from the White House and a settlement between the Securities & Exchange Commission and Bank of America Corp.
The Dow Jones industrial average closed at 10,383.38, down 18.97 points or 0.2 per cent. The broader S&P 500 closed at 1108.01, down 1.16 points or 0.1 per cent.
In Canada, the S&P/TSX composite index closed at 11,634.75, down 74.54 points or 0.6 per cent - ending a remarkable winning streak as energy, materials and financials dragged the index into the red after eight consecutive days of gains.
U.S. financials moved higher after a federal judged approved a $150-million settlement between Bank of America and the SEC over how the bank disclosed information about its Merrill Lynch takeover, removing some uncertainty from the sector. Bank of America and JPMorgan Chase & Co. rose 2.1 per cent each.
However, health care stocks struggled after the White House proposed a new health-care plan that would cost nearly $1-trillion over 10 years. Pfizer Inc. fell 0.2 per cent and Merck & Co. Inc. fell 1 per cent - although it is still unclear whether such a plan will be accepted by Congress.
Energy stocks also struggled, even after the price of crude oil rose to a six-week high above $80 a barrel. Chevron Corp. fell 1.5 per cent. In Canada, Suncor Energy Inc. fell 1.2 per cent and EnCana Corp. fell 2.6 per cent.