TORONTO - The Toronto stock market stalled late morning as rising energy and mining stocks were countered by falling bank stocks amid a new wrinkle in the restructuring of asset-backed commercial paper and a decline in telecom stocks on the death of the takeover of BCE Inc.
New York markets were weak as investors worry about the fate of American carmakers and more corporate earnings warnings.
Toronto's S&P/TSX composite index was off 6.29 points to 8,627.71.
BCE stock lost $1.03 or almost five per cent to $21.99 after the buyer group led by the Ontario Teachers' Pension Plan stated it has "terminated the agreement in accordance with its terms."
The Canadian dollar gained 2.14 cents to 81.53 cents US as the price of crude oil rose sharply, ahead $2.92 at US$46.44 a barrel on the New York Mercantile Exchange.
New York's Dow Jones industrial average edged 18.64 points lower to 8,742.78, the Nasdaq composite index moved down 5.45 points to 1,560.03 while the S&P 500 index was off 1.74 points at 897.5.
