Canada’s main stock index stayed nearly flat Wednesday as shares bobbed along in what one portfolio manager calls a “floating pattern.”
The S&P/TSX composite index crept up 5.42 points to 21,793.90 on the strength of the base metal and industrial sectors while weighed down by losses in energy and telecoms.
In New York, the Dow Jones industrial average was up 15.64 points at 39,127.80. The S&P 500 index nudged up 8.60 points to 5,477.90, while the Nasdaq composite climbed 87.50 points to 17,805.16.
In Canada, many stocks remain in limbo ahead of economic output data this Friday and corporate earnings results next month.
“It’s not really like we’re in a holding pattern — it’s more of a floating pattern,” said Stephen Duench, vice-president and portfolio manager for AGF Investments Inc.
Holding patterns are steady, while floating suggests more ups…
