Stocks ended the day mixed on Tuesday, with U.S. major indexes recovering to slight gains while Canada's benchmark index fell under the weight of weak commodity producers.
The Dow Jones industrial average closed at 12,878.20, up 33.07 points or 0.3 per cent. The broader S&P 500 closed at 1347.05, up 2.72 points or 0.2 per cent. In Canada, the S&P/TSX composite index closed at 12,512.42, down 47.43 points or 0.4 per cent.
The situation in Greece hung over the market throughout most of the day, with leaders there unable to come to an agreement over austerity measures that would pave the way toward another round of bailout cash from other euro zone members. However, testimony from Ben Bernanke -- in which he said that the U.S. has a long way to go before the labour market will be operating normally -- suggested to investors that the Federal Reserve would stay the course on its stimulative monetary policies, giving stocks a little bit of lift.
Yum! Brands Inc. rose 2.6 per cent after the fast food company reported strong quarterly results thanks to growth in China. That seemed to ignite other multinational players in the sector, with McDonald's Corp. rising 1.4 per cent. As well, Coca-Cola Co. rose 0.8 per cent after its adjusted earnings edged past analysts' expectations.
However, U.S. bank stocks were weak: Bank of America Corp. fell 1.5 per cent and JPMorgan Chase & Co. fell 0.7 per cent.
In Canada, a number of key commodity producers were among the chief laggards: Canadian Natural Resources Ltd. fell 4.4 per cent after a report said that the company's Horizons oil sands plant would be down for repairs for two to three weeks. Meanwhile, Suncor Energy Inc. fell 0.9 per cent, Teck Resources Ltd. fell 2.1 per cent and Agrium Inc. fell 1.9 per cent.
That said, commodity prices themselves were strong. Gold rose to $1,748 (U.S.) an ounce, up $23.50. Barrick Gold Corp. rose 0.5 per cent. Crude oil rose to $98.41 a barrel, up $1.50.
