Toronto was the home of profit-taking Tuesday, before rebounding in the afternoon, a day after sharp gains took indexes into the sky.
The TSX climbed out of a hole in the morning and had gained 58.25 points by the closing bell to 16,814.76.
The Canadian dollar ailed 0.13 cents to 76.34 cents U.S.
Energy stocks led the parade of gainers, with Enerplus taking on 12 cents, or 4%, to $3.09, while MEG Energy collected 13 cents, or 4.1%, to $3.31.
Among real-estate concerns, Brookfield Property Partners gained 84 cents, or 4.1%, to $21.49, while units of Boardwalk REIT sprinted $1.18, or 3.6%, to $33.83.
Financials were strong, too, as Power Corporation surged 81 cents, or 2.9%, to $29.27, while Brookfield Asset Management acquired $1.09, or 2.1%, to $53.16.
In the gold sector, Barrick Gold sagged 61 cents in price, or 1.8%, to $33.23, while Eldorado Gold sank 29 cents, or 1.6%, to $17.47.
Among materials, Teck Resources gave up 56 cents, or 2.8%, to $19.43, while Silvercorp Metals surrendered 24 cents, or 1.8%, to $13.17.
In communications, Corus Entertainment dropped nine cents, or 2.1%, to $4.22, while Shaw Communications reversed 33 cents, or 1.4%, to $22.86.
In the economic docket, Statistics Canada said investors in this country acquired $11.2 billion of foreign securities in September, the highest investment in four months.
Meanwhile, non-resident investors purchased $4.5 billion of Canadian securities, led by acquisitions of corporate instruments.
Wholesale sales grew 0.9% to $66.2 billion in September and remained higher than February’s pre-COVID-19 level for the third straight month.
Canada Mortgage and Housing Corporation said the national trend in housing starts improved to 222,734 units in October, up from 214,372 units in September 2020.
The TSX Venture Exchange dropped 4.41 points to 738.23.
Seven of the 12 TSX subgroups were higher on the day, with energy and real-estate each ascending 1.2%, and financials picked up 1%.
Of the five laggards, gold slid 1.2%, materials hesitated 0.7%, and communications fell 0.4%.
American stocks fell on Tuesday as the market’s recent rally cooled off amid a sharp decline in drug store shares and disappointing economic data.
The Dow Jones Industrials stumbled 167.09 points to 29,783.35, after Monday’s record close.
The S&P 500 also came off its all-time high, losing 17.38 points to 3,609.53
The NASDAQ dropped 24.79 points to 11,899.34.
Shares of pharmacy owner CVS Health and Dow-member Walgreens Boots Alliance dropped after Amazon launched a pharmacy business, which allows free delivery of medications for Prime members. Walgreens shares dropped 9.6% and CVS lost 8.6%. Amazon shares gained 0.2%.
Home Depot added to the decline, falling 2.5% despite a third-quarter earnings beat. Its sales also surged about 24% compared with a year ago as pandemic home improvement buying continued. Walmart dipped as well, closing 2% lower even after posting better-than-expected results for the previous quarter.
Sentiment also took a hit after data showed retail sales increased less than expected in October. Retail sales rose 0.3% last month, versus a 0.5% gain expected by economists polled by Dow Jones.
Tesla shares bucked the market’s negative trend, jumping 8.2% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21. It was a long anticipated move for the surging stock. Before Monday, the shares had already more than quadrupled this year.
The recent outperformance in value stocks comes even as the number of coronavirus cases continues to increase, dampening the country’s near-term economic outlook.
A survey conducted by Bank of America found that fund managers have become too optimistic about the prospects of a coronavirus vaccine, leading the bank’s top strategists to suggest investors sell the news on those developments.
Prices for the 10-Year Treasury were lower, raising yields to 0.87% from Monday’s 0.91%. Treasury prices and yields move in opposite directions.
Oil prices edged higher seven cents to $41.41 U.S. a barrel.
Gold prices slipped $6.70 to $1,881.10