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Toronto stocks inch higher; Wall St. mixed

In a June 22, 2012 file photo Trader Stephen Guilfoyle, center, works on the floor of the New York Stock Exchange.

Richard Drew/AP

The Toronto stock market inched higher early Tuesday, backed by stronger commodities and optimism surrounding a two-day policy meeting for the U.S. Federal Reserve.

The S&P/TSX composite index rose 33.59 to 11,791.47 shortly after markets opened.

Attention will be focused on the Fed meeting, which is expected to include action to kick-start the U.S. economy. The anticipation comes as the European Central Bank meets on Thursday.

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In commodities, the September crude contract on the New York Mercantile Exchange lifted 22 cents to $89.56 a barrel (U.S.). August gold rose $3.10 to $1,622.80 an ounce.

On Wall Street, the Dow Jones industrial average declined 20.66 points to 13,052.35 and the broader S&P futures are back 0.75 of a point to 1,384.55. Nasdaq futures gained 3.18 points at 2,949.02.

The Canadian dollar fell 0.12 of a cent to 99.70 U.S. cents.

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