U.S. stocks fell today as tech-stock selling, sparked by Intel Corp.’s disappointing forecast, spread across markets during the final trading hours. Gains in resource stocks helped Canadian markets fend off the Intel scare.
In Toronto, the S&P/TSX composite Index added 5.68, or 0.07% to 8,458.28. The TSX Venture Exchange climbed slightly, adding 0.89, or 0.06%. to 1,560.34.
Seven of the TSX’s sub-sectors finished in the red, especially information technology issues, which led today’s losers, dropping 2.09%. However, diversified mining and metal stocks increased 1.34%. Financial stocks were also among the day’s winners, adding 0.36%.
The Canadian dollar fell 0.19 of a cent to US75.63¢.
The Dow Jones industrial average fell 38.79 points, or 0.38 percent, to 10,208.8, while the S&P 500 dropped 3.67 points, or 0.33%, to 1,111.47. Facing the brunt of tech-stock selling, the Nasdaq composite suffered a loss of 16.78 points, or 0.87%, to close at 1,914.88.
U.S. markets were also hurt by a report that consumer spending in the U.S. slowed last month. Bad weather and high energy prices, says the U.S. commerce department, contributed to a drop of 1.1% — the largest contraction since February 2003.