Stocks dipped slightly on Monday, despite gains by some technology stocks after Apple Inc. won a patent dispute with Samsung Electronics Co. Ltd.
The Dow Jones industrial average closed at 13,124.67, down 33.30 points or 0.3 per cent. The broader S&P 500 closed at 1410.44, down 0.69 point or less than 0.1 per cent. In Canada, the S&P/TSX composite index closed at 12,048.82, down 33.41 points or 0.3 per cent.
Apple rose 1.9 per cent after a California jury ruled in its favour on Friday, awarding the company with more than $1-billion (U.S.) in damages, and potentially paving the way for an injunction against some Samsung wireless devices in the United States.
But Apple shares weren’t the only winners related to the case. Research In Motion Ltd. rose 1.9 per cent and Microsoft Corp. rose 0.4 per cent, with both companies seen as being more competitive in the smartphone landscape given the strength of their own patents.
Meanwhile, Samsung shares fell 7.5 per cent in overnight trading in South Korea. And Google Inc., which makes the popular Android operating system upon which Samsung phones are based, fell 1.4 per cent.
Cameco Corp. fell 1 per cent after it agreed to buy a uranium deposit from Australia’s BHP Billiton Ltd. for $430-million.
Tiffany & Co. rose 7.2 per cent, despite the fact that the jewellery retailer lowered its sales and profit forecasts after reporting its quarterly results.