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A Moody's sign on the 7 World Trade Center tower is photographed in New York in this August 2, 2011, file photo. Ratings agency Moody's is set to announce downgrades of many of the world's biggest banks, banking industry sources said, June 21, 2012 (Mike Segar/REUTERS)
A Moody's sign on the 7 World Trade Center tower is photographed in New York in this August 2, 2011, file photo. Ratings agency Moody's is set to announce downgrades of many of the world's biggest banks, banking industry sources said, June 21, 2012 (Mike Segar/REUTERS)

At the open: TSX slightly higher Add to ...

The Toronto stock market was higher with traders cautious amid higher borrowing costs for Spain and an unsettling downgrade by Moody’s Investor Services.

The S&P/TSX composite index gained 14.75 points to 11,560.3 while the Canadian dollar ticked 0.03 of a cent higher to 98.38 cents US.

U.S. markets were generally lower, The Dow Jones industrial average fell 37 points to 12,683 in early trading Tuesday. The broader Standard & Poor's 500 fell three points to 1,348. The Nasdaq composite fell four points to 2,886.

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Confidence about Spain’s ability to deal with its finances has taken a beating, with the country forced to pay ever higher yields in order to finance its debt.

Adding to market caution was a move by Moody’s Investor Services to lower the outlook on Germany’s triple-A rating to negative from stable due to mounting uncertainties from the euro-zone debt crisis.

Oil rose 26 cents to $88.40 (U.S.) a barrel.

With files from AP

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