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Stocks Finish Up-and-Down Day in Red

Equities in Canada’s biggest centre ended Wednesday fairly flat, as declines in energy and financial ...

Equities in Canada’s biggest centre ended Wednesday fairly flat, as declines in energy and financial stocks narrowly overrode gains in gold and other resource sectors.

The S&P/TSX Composite Index handed back 1.07 points to close Wednesday at 15,148.53

The Canadian dollar dropped 0.29 cents to 75.06 cents U.S.

Gold was the champion of all the gaining subgroups Wednesday, propelled by Goldcorp, which leaped 50 cents, or 2.9%, to $17.81, while Barrick Gold climbed 23 cents, or 1.1%, to $20.90.

Materials also had a strong day, mostly Lundin Mining, which 13 cents, or 1.9%, to $7.04, while First Quantum Minerals took on 17 cents, or 1.7%, to $10.01.

Tech stocks were in the pink, with Concordia International galloping 30 cents, or 19.5%, to $1.84.

Among energy concerns, Cenovus Energy were bruised 31 cents, or 3.3%, to $9.13, while Encana Corp. slipped 43 cents, or 3.9%, to $10.71.

The financials group, which makes up roughly a third of the index's weight, got cuffed, as Manulife suffered a loss of 54 cents, or 2.2%, to $23.73, while Sun Life dwindled 49 cents, or 1.1%, to $44.89.

Telecoms were stung, too, with BCE diving 40 cents to $59.02, while Rogers gave back 29 cents to $61.99.

ON BAYSTREET

The TSX Venture Exchange strengthened 1.71 points to 771.80

Six of the 12 TSX subgroups remained positive, as gold climbed 1.5%, materials surged 1.2%, while information technology gained 0.8%.

The five laggards were weighed chiefly by telecoms, financials and energy, each sliding 0.6%, while utilities stock were unchanged.

ON WALLSTREET

U.S. stocks closed mostly lower on Wednesday as oil prices failed to rebound from a sharp fall during the previous session.

The Dow Jones Industrials slumped 57.11 points to close the day 21,410.03, with Caterpillar leading decliners and Nike outperforming.

The S&P 500 faded 1.42 points to 2,435.61, as energy stocks dropped 1.6% to lead decliners. The sector briefly erased losses after bullish supply data from the oil market was released.

The NASDAQ gained 45.92 points to 6,233.95

Stocks have been on a tear this year, with the S&P rising more approximately 9%, largely led by information technology. The tech sector has jumped nearly 20% this year as shares of large-cap stocks in the space have risen sharply. Tech's rise has also boosted the NASDAQ composite, which is up 15% year to date.

In economic news, mortgage applications rose 0.6% as interest rates remained low. Existing homes sales unexpectedly rose in May to the third highest monthly level in a decade, up 1.1% to a seasonally adjusted rate of 5.62 million units.

The Energy Information Administration said Wednesday that U.S. crude inventories decreased by 2.5 million barrels, lifting energy stocks and oil prices. Oil was also on track to post its worst first-half performance since 1997.

Prices for the benchmark 10-year Treasury note were unchanged on the day, keeping yields at Tuesday’s 2.16%.

Oil prices gave up $1.05 to $42.46 U.S. a barrel

Gold prices gained $3.80 to $1,247.30 U.S. an ounce.