North American stocks clawed back from earlier losses on Wednesday, showing slight gains in midday trading.
The S&P 500 was up almost 1 point, or less than 0.1 per cent, to 1512. The blue-chip Dow Jones industrial average was up 6 points, to 13,985. In Canada, the S&P/TSX composite index was up 25 points, or 0.2 per cent, to 12,771.
Within the S&P 500, consumer discretionary stocks rose 0.4 per cent, telecom stocks rose 0.2 per cent and technology stocks rose 0.1 per cent. Health-care stocks fell 0.1 per cent and utilities fell 0.3 per cent.
Walt Disney Co. rose 1.2 per cent after reporting on Tuesday that its quarterly earnings rose to 77 cents (U.S.) a share, topping analysts’ estimates after excluding some items.
Zynga inc. rose 13.5 per cent after its quarterly results beat expectations – although its loss was $48.6-million and revenues were flat.
In Canada, consumer staples rose 1.2 per cent, financials rose 0.6 per cent and telecom stocks rose 0.5 per cent. Energy stocks fell 0.6 per cent.
Suncor Energy Inc. fell 5.5 per cent after it reported a quarterly loss of $562-million, or 37 cents a share, on Tuesday evening – along with a $1.5-billion writedown on its Voyageur upgrader project and a potential $1.2-billion tax bill.
WestJet Airlines Ltd. fell 0.8 per cent, despite reporting a profit of $60.9-milion or 46 cents a share, up from 26 cents a share last year. The airline also raised its quarterly dividend to 10 cents a share from 8 cents.
In Europe, the U.K.’s FTSE 100 rose 0.2 per cent and Germany’s DAX index fell 1.1 per cent.