Toronto stocks ended slightly lower on Tuesday as investors locked in profits ahead the U.S. interest rate decision on Wednesday. The S&P/TSX composite index closed down 25.78 points at 6,988.88.

The Fed is widely expected to cut rates for the 13th time since early 2001 in a bid to shore up the world’s top economy. But the size of the cut and what it would mean for stocks have been hotly debated.

Toronto volume was a modest 15.5 million shares valued at $2.1 billion. Market momentum was negative with decliners outpacing advancers, 574 to 494.

Gold stocks sagged 2.68%, weighing down the market as bullion prices fell in the face of a sturdier U.S. dollar.

Barrick Gold shares fell 76¢ to $23.68, while Placer Dome shares slid 50¢ to $15.55.

Telecoms lost 0.66% and the information technology sector slipped 0.26%.

Among tech stocks, Celestica was down 63¢ at $20.95, while Cognos fell 30¢ to $36.42.

The financial sector was narrowly mixed a day after Finance Minister John Manley said bank mergers are out of the question for another 15 months while further review is done in the financial sector. Bank of Montreal lost 15¢ to $41.98, while National Bank gained 38¢ to $36.65.

The S&P/TSX Venture composite index closed down 5.03 points at 1,100.15. Trading was heavy on a volume of 35.1 million shares worth $14.4 million, with 166 advances, 215 declines and 511 issues unchanged.

In New York, blue chip stocks eked out gains as better-than-expected consumer confidence data raised hopes for an economic recovery.

The Dow Jones industrial average rose 36.90 points to 9,109.85. The S&P 500 was up 1.80 points at 983.44 and the tech-heavy Nasdaq composite index lost 5.24 points at 1,605.51.

The Canadian dollar edged lower, down 0.07 of a cent to US73.49¢.

Markets will also be watching on Wednesday for Finance Minister Manley’s speech on the state of the domestic economy.