Toronto stocks closed lower Tuesday despite strong quarterly earnings from two banks. The S&P/TSX composite index fell 27.81 points to close at 7,822.34.

Volume was strong as 247 million shares changed hands. Market momentum was slightly negative with decliners topping advancers 619 to 602.

The heavily weighted financial sector falling 0.75%.

Royal Bank, the market’s biggest stock, fell 88¢ to close at$63.94, after posting a record profit.

BMO shares fell 43¢ to $52.55, after reporting a strong quarterly profit.

The TSX materials sector gained 0.94%.

Shares of Slocan Forest Products jumped $3.34, to $11.90, after Canfor said it would buy the company, creating the world’s largest producer of lumber used in construction.

Among gold issues, shares of Placer Dome rose 25¢ $22.17, while Barrick Gold advanced 36¢ to $28.16.

The TSX information technology sector edged up 0.28%, with shares of BCE Emergis gaining 36¢ to$6.46.

ATI Technologies shares added 47¢, or 2.4%, to close at $20.14.

Investors shrugged off news that Canada’s leading economic indicator strengthened for a fifth straight month in October, rising 0.6%.

The junior S&P/TSX venture composite index jumped 20.31 points to 1,631.13.

In New York, Blue chips rose slightly on Tuesday, notching their third straight up session, as stronger-than-expected economic data buoyed the market, while technology shares closed lower.

Many investors are in a holding pattern ahead of the Thanksgiving holiday on Thursday, when the market will be closed.

The Dow Jones industrial average rose 16.15 points to 9,763.94. The S&P 500 inched up1.81 points to 1,053.89. The tech-heavy Nasdaq composite index dipped 4.1 points to 1,943.04.

Before the market opened, the U.S. government said gross domestic product shot up at an 8.2% annual rate in the third quarter, more than double the second quarter’s 3.3% gain and the strongest quarterly advance in 19 years.

Separate reports showed consumer confidence hit a year-high peak in November, lifted by hopes of improved hiring prospects, but existing home sales dropped sharply last month.