Technology stocks played a key role in the markets Tuesday, pushing Bay Street into positive territory, but leaving Wall Street in an uncertain mode.
The S&P/TSX Composite Index added 30.37, or 0.36%, to 8,452.60. Technology stocks jumped 3.9% to lerad the market as six of the 13 sub-indices finished higher, including the financials, which added 0.44%. The TSX Venture Exchange fell 17.59, or 1.12%, to 1,559.45.
On Wall Street, the Dow Jones industrial average rose just 9.37 points, or 0.1%, at 10,247.59. The Standard & Poor’s 500 Index gained 0.79 of a point, or 0.07%, to 1,115.13. The Nasdaq Composite Index lost 5.26 points, or 0.27%, to 1,931.66.
The TSX was dominated by the performane of Nortel Networks Corp. Its shares climbed 10% with more than 47.9 million shares trading hands — more than a quarter of the exchange’s volume Tuesday — after the company said it needs to put an “improved cost structure” in place to “drive financial performance.” Nortel also intends to “dedicate significant resources to the process to complete their financial statements as soon as practicable.”
The Canadian dollar slipped 0.07 of a cent to US75.79¢.
U.S. stocks ended little changed on Tuesday as investors sorted through a mixed bag of earnings and braced for a key quarterly earnings report from technology bellwether Intel Corp. Intel shares slipped modestly ahead of the closing bell. Its shares fell again, in extended hours trading, even after reporting a higher quarterly profit and revenue.
Intel reported Q2 sales of $8.05 billion, within its targeted range but slightly below the $8.1 billion that analysts expected. The company’s net income totaled U.S.27¢ a share, matching the consensus target. Intel predicted third-quarter sales between $8.6 billion and $9.2 billion.
During the regular session, U.S. Investors kept close watch on oil prices, which hovered below $40 a barrel – the benchmark for rising energy costs.