North American stocks took a breather on Tuesday morning – a deep breather – following the stunning rally on Monday.
The Dow Jones industrial average fell 77 points, or 1 per cent, to 7,699. Boeing Co. and Johnson [amp]amp; Johnson were up marginally but all other stocks in the 30-member index were down at the start of trading.
Financials, which enjoyed by far the biggest gains during Monday's rally, slumped the most. Bank of America Corp. fell 7 per cent, American Express Co. fell 6 per cent and Citigroup Inc. fell 5 per cent. General Electric, which was downgraded by Moody's Investors Services, fell 2.5 per cent.
In Canada, the S[amp]amp;P/TSX composite index fell 151 points, or 1.7 per cent, to 8,808. Energy stocks were down, following euphoria on Tuesday when Suncor Energy Inc. announced a takeover deal with Petro-Canada. Suncor fell 3 per cent, Petro-Canada fell 2.2 per cent and Canadian Natural Resources Ltd. fell 2.4 per cent.
Financials were down marginally. Bank of Montreal fell 1 per cent, Bank of Nova Scotia fell 0.8 per cent and Manulife Financial Corp. fell 2.7 per cent.
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