TSX falls for Third Straight Session

Canada’s benchmark stock index slid for a third straight session on Tuesday, following up the previous day’s sharp decline with a small dip on a day largely lacking in strong economic data to sway investor sentiment.

The S&P/TSX composite index erased earlier gains to close at 11,980.10, a drop of 8.85 points, or 0.07%. The 10 sub-indexes were evenly split between gainers and losers, with the latter group led by consumer goods, down 1.01%, and technology, off 0.81%.

The price of crude oil rose US44¢ to US$103.55 a barrel, while gold advanced US$11.10 to US$1,643.00 an ounce.

The Canadian dollar rose for the third straight session, gaining 31 basis points to close at US$1.0121.

Most global markets fell sharply on Monday on renewed fears of an eurozone debt crisis after the French president lost the first round of elections there and the Dutch government collapsed amid a revolt over austerity measures in the budget.

Economic data on Tuesday included a disappointing Statistics Canada report showing retail sales declined in February, causing some analysts to lower forecasts for economic growth for the quarter.

Scotia Capital economists Derek Holt and Dov Zigler say the report “more than undoes the positive effects from (Monday’s) strong wholesale trade data.” They expected consumption to be “the major driver of Canada GDP over the next number of quarters, so a weak showing there would be a significant impediment to accelerating growth.”

Economic news from the U.S. on Tuesday included better-than-expected earnings from companies such as AT&T and

3M Co., and a positive report on new home sales suggesting cheaper borrowing costs are helping stabilize the country’s embattled housing market.

The Dow Jones industrial average rose 74.39 points, or 0.58%, to 13,001.56 Tuesday, while tech-heavy Nasdaq fell 8.85 points, or 0.30%, to 2,961.60 as Apple Inc. shares slipped ahead of the close, but rose after reporting second-quarter revenue of $39.2 billion.

Stocks can move higher, David Kelly, chief market strategist at Jpmorgan Funds, told Bloomberg. He cited healthy earnings and the fact housing is on the mend.

Some Canadian companies reporting better-than-expected earnings saw those positive reports reflected in their stock prices:

Celestica rose 5.86% to $8.85, Teck Resources gained 1.47% to $35.85, and Can

adian National Railway share price reported after market close Monday climbed 2.33% to $81.24 on Tuesday.

Canada’s junior Venture exchange closed at 1,365.77, down 5.26 points, or 0.38%.