Toronto stocks were lower Tuesday as investors mulled over a report that Canadian economic growth slowed in September, along with quarterly reports from two big banks. At midday, the S&P/TSX composite index was down 22.33 points, or 0.25%, at 9,034.38, on volume of 137 million shares.

The heavily weighed financial index was down 0.2%, while the materials sector slipped 1.55%. Six of the 10 TSX groups were lower.

Royal Bank of Canada were up down 40¢ at $62.40., reversing earlier losses, while Bank of Nova Scotia was up 7¢ at $37.39.

Royal reported a smaller fourth quarter profit, while Scotiabank upped its quarterly figures.

Gold stocks, a major component of the materials group were off 3.7%, as the price of bullion fell $5.40 to US$448.00 an ounce in New York.

Barrick Gold dropped $1.05, or 3.48%, to $29.10, while Placer Dome fell $1.00, or 3.78%, to $25.40.

The price of oil also headed higher, jumping 49¢ to US$50.25. The TSX energy group was up 0.35%.

Information technology stocks eased some of the downward pressure. The group was up almost 1%.

Research In Motion rose $2.92, or 2.84%, to $105.87, while Nortel Networks was up 3¢ at $4.10.

In other earnings news, Hudson’s Bay Company posted a $3.9 million loss in the third quarter as a change in accounting rules hit the bottom line. HBC shares slipped 6¢ to $14.38.

Before the market opened, Statistics Canada said the domestic economy grew 3.2% in the third quarter, below expectations, as the rising dollar drove gains in demand for imports but slashed energy and auto exports.

The junior S&P/TSX Venture composite index was down 16.15 points, or 0.92%, at 1,749.41, on volume of 48 million shares.

On Wall Street, stocks sagged as climbing oil prices and sliding consumer confidence trumped the latest report on U.S. GDP, which grew at a faster pace than expected.

At midday, the Dow Jones industrial average was down 28.01, or 0.27%, at 10,447.89

The broader gauges were also lower. The S&P 500 index shed 2.80 points to 1,175.77. The Nasdaq composite index fell 3.49 points to 2,103.38.

Brisk consumer and business spending helped the economy grow at an annual rate of 3.9% during the third quarter, stronger than previously thought.

But consumer sentiment didn’t match the bullish GDP data. The Conference Board’s index of consumer confidence registered a fourth consecutive decline, reflecting doubts about the economy in the months ahead. The index fell to 90.5 from a revised reading of 92.9 in October; analysts expected a reading of 96.0 for November.

The Chicago Purchasing Managers index came in better than expected with a reading of 65.2. Economists had expected a reading of 62.0.