North American stocks retreated slightly at the start of trading on Monday, after mixed third-quarter results from U.S. financials and a warning from Germany’s leader that an agreement to deal with the European debt crisis likely won’t make the region’s debt problems disappear.
The Dow Jones industrial average fell 59 points or 0.5 per cent, to 11,585. The broader S&P 500 fell 6 points or 0.5 per cent, to 1219. In Canada, the S&P/TSX composite index fell 51 points or 0.4 per cent, to 12,031.
Wells Fargo & Co. fell 5.3 per cent after it reported a 21 per cent gain in its quarterly earnings, but revenues missed expectations. Citigroup Inc. fared better, rising 2 per cent after its earnings surged 68 per cent, even though the gain was partially due to an accounting adjustment.
Canada’s Sun Life Financial Corp. slumped 6.6 per cent after it warned of a $621-million loss in the third quarter, versus expectations for a gain. Manulife Financial Corp. fell 2.9 per cent.
Meanwhile, El Paso Corp. surged 22 per cent after Kinder Morgan Inc. offered 21.1-billion (U.S.) for the U.S. pipeline. Canada’s TransCanada Corp. rose 1 per cent.
In other moves, General Electric Co. fell 0.6 per cent and Alcoa Inc. fell 2.7 per cent.