At noon: Dow clings to gains

Stocks were mixed in midday trading on Wednesday, as investors shifted away from economically sensitive holdings and into defensive names.

At noon, the Dow Jones industrial average was up 24 points or 0.2 per cent, to 11,601. The broader S&P 500 was down less than 1 point, to 1225.

Within the S&P 500, utilities rose 1 per cent, health-care stocks rose 0.7 per cent and consumer staples rose 0.5 per cent. An early rally among financials faded, with the group up just 0.2 per cent in midday action.

Meanwhile, materials fell 1.2 per cent, information technology stocks fell 0.9 per cent and consumer discretionary stocks fell 0.4 per cent.

In Canada, the S&P/TSX composite index was down 99 points or 0.8 per cent, to 11,954.

Materials were the chief laggards, falling 3 per cent, with gold producers, base metal miners and fertilizer stocks all retreating. Tech stocks fell 1.5 per cent after Research In Motion Ltd. fell 2.5 per cent. Energy stocks fell 0.2 per cent and financials fell 0.1 per cent.