Toronto markets began the week in the red as energy stocks fell as the price of oil retreated. New York markets, meanwhile, advanced on the falling oil prices and a strong report in the semiconductor sector.

At midday, the S&P/TSX was down 18.22 points or 0.18% at 9908.98 after gaining almost 186 points or 1.9% last week. The TSX Venture exchange was up 0.72 of a point or 0.04% at 2038.49. In New York, the Dow industrial average headed closer to what could be its first close above 11,000 since mid-2001, adding 37.92 points or 0.35% at 10978.47 after gaining 99 points last week. The technology-heavy Nasdaq jumped 25.17 points or 1.22% at 2095.78, while the Standard & Poor’s 500 index moved ahead 5.61 points or 0.46% to 1227.73.

The Canadian dollar was off slightly, down 0.05 of cent to US81.21.

In economic news, rhe Canadian building permits report Monday morning for January fell well short of expectations. Permits dropped 11% to their lowest level since last spring. Both the residential and non-residential components took a hit, dropping 6.8% and 18.8%, respectively. Gains in multi-family dwellings, as well as commercial construction, only softened the blow somewhat.

On Bay Street, energy stocks pushed the TSX lower, falling 1.51% as the price of light, sweet crude for April delivery was down 61¢ at US$53.17 a barrel in New York. Prices, which have been stuck at four-month highs, cooled after the head of OPEC on Sunday said the organization is “concerned” about stubbornly high prices that defy what he described as a well-supplied market and adequate crude stocks worldwide.

Gold shares were up 0.19% as the price of gold edged higher. It was up $1.50 to US$434.80 in late London fixing and monthly spot prices were up $4.30 to US$424.20 on the New York Mercantile Exchange.

The TSX financials sub-group was up 0.25%.

In New York, U.S. stocks advanced after Qualcomm Inc. raised its second-quarter profit forecast, lifting semiconductor shares. A drop in oil prices eased concern that fuel costs will curb profit and economic growth.

Qualcomm’s forecast comes as Texas Instruments Inc., its larger rival, and Intel Corp., the biggest maker of computer processors, are scheduled to provide investors with mid-quarter updates this week. Texas Instruments and Intel gained, sending the Nasdaq Composite Index higher.

A drop in Boeing Co. shares limited the advance in the Dow. Boeing said Chief Executive Officer Harry Stonecipher was forced out by the board for a relationship with a female executive. It is the second major CEO scandal for the aircraft manufacturer in less than 1 1/2 years. The unexpected move sent shares of Boeing down $1.04 or 1.8% to US$57.32.