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AFTER THE BELL: Banking stocks drag TSX, Dow slips despite strong economic data, gold prices slump again

Lacklustre showings from two major banks left the TSX lagging today.

CIBC hiked its dividend despite its first quarter profit results falling 11 percent to $1.18 billion.

CIBC’s stock was down 2.7 percent.

Meanwhile, TD Bank’s first quarter earnings were $2.4 billion, up two percent compared with the same quarter last year, those numbers missed analysts’ estimates.

There was also a drop in TD Bank shares, with its stock losing 2.3 percent.

Overall, the financials sector was off by 0.8 percent and keyed into the TSX snapping a four day win streak, as the exchange lost 75 points.

The TSX’s energy sector also edged 0.4 percent lower, even with oil gaining 32 cents to $57.26 US a barrel.

Oil producer Encana was the most heavily traded company on the TSX after it reported net earnings of $1.03 billion in the fourth quarter, while cutting its executive and senior management roles by 35 per cent and total positions by 15.

Encana’s stock jumped 6.7 percent today.

In New York, the Dow slipped 69 points while the Nasdaq was down 21 points as investors weighed stronger-than-expected U.S. economic data with international tensions.

Impacting investor sentiment was President Donald Trump’s meeting with North Korean leader Kim Jong Un falling short, with no agreement on a nuclear deal.

Among the biggest weights on Wall Street were Booking Holdings, which plunged 10.9 percent after its fourth quarter revenue missed the mark, Caterpillar, down 1.6 percent, and Netflix which was off 1.3 percent.

Gold prices continues its slump this week by falling another $6.80 to $1,314 an ounce while the Canadian dollar weakened slightly, down 3/100ths of a cent to $0.7595 US.

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