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At the open: Apple, Caterpillar not enough

Upbeat earnings from Apple Inc., Texas Instruments Inc. and Caterpillar Inc. helped drive select stocks - but the broader market was struggling on Tuesday morning after a disappointing report suggested that the U.S. housing market might still be in trouble.

At the start of trading, the Dow Jones industrial average fell 29 points or 0.3 per cent, to 10,663. The broader S&P 500 fell 3 points or 0.3 per cent, to 1095.

The declines come even as recent high-profile earnings reports blow past expectations. Apple rose 5.2 per cent, Texas Instruments rose 1.7 per cent and Caterpillar rose 4.8 per cent.

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Coca-Cola Co. was a notable exception. Shares in the soft-drinks maker fell 2.7 per cent after it reported flat year-over-year earnings that merely met analysts' expectations.

Meanwhile, home builders were down after the U.S. Commerce Department reported a decline in building permits. Hovnanian Enterprises Inc. fell 4.6 per cent and Toll Brothers Inc. fell 2 per cent.

In Canada, the S&P/TSX composite index rose 30 points or 0.3 per cent, to 11,568.

Commodity producers were generally up a little, even as the price of crude oil and gold declines slightly. Canadian Natural Resources Ltd. rose 0.5 per cent. Among gold producers, Goldcorp Inc. rose 0.3 per cent and Barrick Gold Corp. rose 0.5 per cent.

The Canadian dollar fell sharply against the U.S. dollar after the Bank of Canada signalled its displeasure with the rising loonie. It traded at 96 cents, down 1.2 cents.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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