Pilgrim's-Hillshire deal in focus
The S&P/TSX composite index dropped 57.67 points to finish Tuesday at 14,658.02
The Canadian dollar reversed
Bank of Nova Scotia shares rose after it released strong quarterly results but the increase was not enough to halt the index's retreat.
Scotiabank's second-quarter profit rose 14%, beating analysts' estimates, as higher income at its domestic banking and global wealth units offset a flat performance in international retail banking. Scotiabank shares rose 1.1% to
Among gold producers, Barrick Gold tumbled 4% to
Shares of energy producers reflected weakness in oil prices. Canadian Natural Resources Ltd lost 1.3% to
In corporate news, Allergan Inc said Valeant Pharmaceuticals International's
Nine of the 14 Toronto subgroups were lower at the end of the session, as gold plummeted 3.9%, materials fell 2.3% and energy gave back 0.8%.
The five gainers were led by information technology, up 0.5%, financials, inching up 0.4%, and consumer discretionaries, improving but 0.3%.
Stocks climbed to all-time highs on Tuesday as
The Dow Jones Industrial Average grew 69.23 points to close at 16,675.50.
The S&P 500 gained 11.38 points to 1,911.91, and the NASDAQ composite index improved 51.26 points to 4,237.07
The optimistic sentiment carried the S&P 500 further into record territory and above the psychologically-important 1,900 level. This marks the 12th record close of the year for the broad average, which ended at an all-time high of 1,900.5 on Friday.
The Dow is within striking distance of its record closing high of 16,715.4 that was set earlier this month, although it doesn't look likely to cross that without a strong rally before the closing bell.
Shares of Hillshire Brands popped nearly 22% after Pilgrim's Pride offered to acquire the food maker for about
Investors gobbled up shares of other companies in the sector, including Tyson Foods, which rallied 5% on the deal news and a positive mention in Barron's over the weekend.
Bank of America bounced as much as 4% after resubmitting a capital plan to the Federal Reserve. The bank admitted a calculation mistake that made its prior plan unusable. BofA said the new request is smaller than the previous one.
Investors bought more into tech stocks, pouring more cash into the NASDAQ than the broader markets. Some of the day's big winners include Priceline, Expedia, Facebook, and Apple
Shares of InterContinental Hotels rose more than 3% after
The company declined to comment on the report.
AstraZeneca retreated more than 1.7% as investors reacted to Pfizer's confirmation that it would no longer pursue a mega-takeover of the British drug maker.
U.S. home prices in 20 cities rose 0.9% in March from February, according to S&P/
Moreover, consumers are starting to feel a little more optimistic about the economy.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.52% from Friday's 2.53%. Treasury prices and yields move in opposite directions
Oil prices fell
Gold prices slumped
Most Popular Stories
- Florida Warns Beach-goers About Flesh-eating Bacteria
- Islamic State Fights for Control of Syrian Oil Wealth
- Sutherland Responds to 'Unprofessional' Jibe
- LivePro Is a Mobile Hot Spot, Projector in One
- How to Fit Green Energy Into Your Portfolio
- Sanctions Will Hit Russia Hard if Not Lifted Quickly
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- U.S. Economy Grows at Fastest Pace in 10 Years
- Jerry Brown Favors More Shelters for Immigrant Kids
- Business Leaders Set for CHCC Convention