TSX Slides Despite Stronger Banks -- Canadian Commentary

(RTTNews) - Canadian stocks fell along with commodity prices Wednesday, even as traders weighed some positive news from the financial sector.

The TSX Composite Index slipped 61.92 points to 15,967.72, sliding from a recent record high.

Energy stocks help up despite lower oil prices, but gold stocks were hit hard. Financials rose more than 1 percent.

Royal Bank of Canada (RY.TO) reported its quarterly profit climbed compared to the same period last year. Shares rose 1 percent.

The company said its bottom line came in at C$2.84 billion, or C$1.88 per share. This was higher than C$2.54 billion, or C$1.65 per share, in last year's fourth quarter.

RBC also said Mark Hughes will retire as chief risk officer.

Air Canada (AC.TO) today announced several new non-stop year-round transborder routes will begin Spring 2018 from Toronto, Montreal, Edmonton and Vancouver. Destinations include Sacramento, Omaha and Pittsburgh. The stock fell 1.4 percent.

Rogers Communications (RCI.B.TO) has given ViceTV notice that it will no longer provide financial support for the venture, according to the Globe and Mail. Rogers shares fell 1.2 percent.

WTI oil was down 69 cents, or 1.2%, to settle at $57.30/bbl.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. This follows a decline of more than 6 million barrels the previous week.

Gold stocks fell after upbeatm US GDP data and hawkish comments from the nation's top central banker.

Feb. gold dropped $13, or 1%, to settle at $1,286.20/oz.

Federal Reserve Chair Janet Yellen Wednesday morning cemented expectations for a U.S. interest rate hike in December with a rosy assessment of the domestic economy.

Meanwhile, U.S. gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. Economists had expected the increase in GDP to be upwardly revised to 3.2 percent.