TSX holds steady on mixed news

The Toronto stock market closed little changed Wednesday after minutes from the most recent Federal Reserve rate announcement encouraged hopes for further economic stimulus. The TSX and New York indexes had been negative for most of the session as weak corporate performances and retail sales data reminded traders of the fragile state of the economic recovery. The S&P/TSX composite index added 2.06 points to 12,118.99 and the TSX Venture Exchange climbed 6.34 points to 1,245.66.

The Canadian dollar fell 0.17 of a cent (U.S.) to 100.87 cents amid a big miss on retail sales for June.

Statistics Canada reported that retail sales fell 0.4 per cent, against expectations of a 0.1-per-cent rise.

New York markets also closed well off session lows after the Fed minutes showed many members felt further support for the economy would be needed “fairly soon” unless the economy improved significantly. The Dow Jones was down 30.82 points to 13,172.76. The Nasdaq gained 6.41 points to 3,073.67 and the S&P 500 index edged up 0.32 of a point to 1,413.49. The metals and mining sector was negative even as copper kept Tuesday’s eight-cent runup intact with the September contract unchanged at $3.45 a pound. The energy sector was off 0.53 per cent as the October crude price on the New York Mercantile Exchange found lift from the Fed minutes and data showing a sharper-than-expected decline in U.S. inventories last week, rising 15 cents to $96.99 a barrel.