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The close: Stocks fall, ending winning streak for S&P 500, TSX

Traders work on the floor of the New York Stock Exchange, August 22, 2012.

BRENDAN MCDERMID/REUTERS

Stocks fell on Monday, following the best weekly performance of the year for the S&P 500 and ending a lengthy winning streak for major indexes.

The S&P 500 closed at 1406.29, down 2.86 points or 0.2 per cent – marking its first decline in six sessions. The blue-chip Dow Jones industrial average closed at 12,967.37, down 42.31 points or 0.3 per cent. In Canada, the S&P/TSX composite index closed at 12,185.05, down 28.19 points or 0.2 per cent – ending a six-day winning streak.

Stocks have been volatile in recent weeks as investors digest the third-quarter earnings season, the looming U.S. fiscal cliff and uncertainty about whether Greece can get its next round of financial aid from the euro zone. The S&P 500 had fallen as much as 8 per cent from mid-September, but then rallied 3.6 per cent last week for its biggest weekly gain of 2012.

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Key commodities showed only slight declines. Crude oil fell to $87.74 (U.S.) a barrel, down 54 cents. Gold fell to $1,749.60 an ounce, down $1.80.

Among Canadian commodity producers, Barrick Gold Corp. fell 0.6 per cent and Suncor Energy Inc. fell 0.4 per cent.

In the U.S., Coca-Cola Co. fell 1.5 per cent and AT&T Inc. fell 1.1 per cent.

However, technology stocks showed some strength: Hewlett-Packard Co. rose 2.4 per cent, Cisco Systems Inc. rose 1.1 per cent and Intel Corp. fell 0.8 per cent.

In Canada, Research In Motion Ltd. – on a tear in recent sessions – rose 2.5 per cent. CIBC World Markets analyst Todd Coupland raised his recommendation on the stock to "sector outperformer - speculative" and boosted his target price to $17 from $8.

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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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