Financials Perk, Gold Suffers
Stocks turned south by Wednesday's closing bell, as investors took negative signals from the U.S. Federal Reserve that interest rates would be headed up sooner rather than alter.
The S&P/TSX Composite Index faded 91.09 points to 13,826.01
The Canadian dollar docked 0.73 cents to 76.73 cents U.S.
Gold stocks took a particularly hard hit, as Yamana Gold lost 57 cents, or 8.7%, to $5.99, while Eldorado Gold slumped 64 cents, or 9.8%, to $5.91.
Metals and mining issues also slid, as First Quantum Minerals moved lower 49 cents, or 5.3%, to $8.73, while Teck Resources faded 90 cents, or 6.8%, to $12.22.
Financials, however, bolted higher, as Manulife acquired 48 cents, or 2.6%, to $18.69, while Royal Bank moved up $1.32, or 1.7%, to $78.16.
Information technology issues also gained strength, as BlackBerry took on five cents to $8.66.
On the economic slate, Statistics Canada reported that foreign investment in Canadian securities strengthened for a third straight month to reach $17.2 billion in March, mostly securities issued by Canadian private corporations.
Meanwhile, Canadian investment in foreign securities amounted to $2.3 billion and was led by U.S. corporate instruments.
ON BAYSTREET
The TSX Venture Exchange eased 11.92 points to 674.25
Eight of the 13 TSX subgroups were lower, as gold dulled in price 6.7%, materials weakened 5.8%, and metals and mining tailed off 5.3%.
The five gainers were led by financials, up 1%, information technology, up 0.6%, and consumer discretionary stocks, ahead 0.4%.
ON WALLSTREET
U.S. stocks closed off session highs Wednesday, with the Dow Jones Industrials and S&P little changed after the release of the Federal Reserve's April meeting minutes, which said a June rate hike was likely if the data improves.
The Dow turned negative 3.36 points to 17,526.62. Wal-Mart contributed the most to declines in the Dow. Goldman Sachsand JPMorgan Chase contributed the most to gains.
The S&P 500 nicked higher 0.31 points to 2,047.52, utilities and telecoms led decliners in the S&P 500.
The NASDAQ Composite gained 23.39 points to 4,739.12, as Apple climbed more than 1%.
In corporate news, Target reported a lower-than-expected 1.2% increase in comparable sales, while net revenue declined to $16.2 billion U.S., mainly due to the sale of pharmacy and clinic business to CVS Health. Target fell more than 9.5%.
In other earnings news, Staples beat slightly on the top and bottom line, but North American same-store sales were down 4% a bigger drop than the 3.1% drop analysts had expected. Shares turned lower.
Lowe's reported earnings and revenue above expectations, and the same-store sales increase of 7.3% was well above the consensus estimate of a 4.4% rise. Shares rose 3.5%.
Hormel posted earnings a touch above expectations, while revenue was essentially in-line. The food manufacturer also raised its full-year earnings forecast. Shares fell 9%.
U.S. crude oil futures traded higher after the Energy Information Administration's weekly inventory data showed a 1.3-million-barrel build in crude, while other fuel stockpiles declined.
Prices for the 10-year Treasury dropped sharply, raising yields to 1.85% from Tuesday's 1.76%. Treasury prices and yields move in opposite directions.
Oil prices gave back 51 cents a barrel to $47.80 U.S.
Gold prices dumped $21.95 to $1,257 U.S. an ounce.
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