North American markets finished the session ahead, but couldn’t hold onto all of the gains set earlier in the day, as Toronto lost some of its footing on lower energy prices and the Dow Jones dropped below its new record, set above the 14,000-point mark.

Toronto’s S&P/TSX composite index rose 43.76 points to 14,382.01, after the energy sector slipped below morning gains, ending down 0.06 per cent. The August crude oil contract on the New York Mercantile Exchange slid 13 cents to US$74.02 a barrel.

The Canadian dollar was at 95.84 cents US, down 0.06 of a cent.

On Wall Street, the Dow Jones industrials rose above 14,000 points for the first time, but then lost some weight, closing out ahead 20.57 to 13,971.55. It took only 57 trading days for the index to make the trip from 13,000.

The Nasdaq composite index jumped 14.96 points to 2,712.29 and the S&P 500 index lost 0.15 of a point to 1,549.37.

On the TSX, information-technology stocks gained 1.6 per cent, as Nortel Networks Corp. (TSX:NT) climbed $1.39 cents to $25.39.

The financial sector rose 0.4 per cent, as all the major bank stocks logged gains. The boost came after investors took profits on Monday following a triple-digit gain in the sector last week.

TD Bank (TSX:TD) shares rose 28 cents to $72.95 after the bank said it has agreed to commit nearly $4 billion in capital to help finance the takeover of BCE Inc. (TSX:BCE).

The mining sector dropped 0.7 per cent as two of Canada’s major uranium miners took a hit.

Shares of Cameco Corp. (TSX:CCO) continued to lose value, falling $1.32 to $48.68, with investors worrying about Cameco’s Cigar Lake project in Saskatchewan and a slide in world uranium prices. The company said last week it will take more time than initially planned to stop the flow of water into the Cigar Lake project and pump out the flooded mine.

Denison Mines Corp. (TSX:DML) dropped 75 cents to $12.25. The company acquired nearly 33 million shares of OmegaCorp Ltd. on Monday at the Australian Stock Exchange after dropping conditions to its previously announced takeover offer.

Lundin Mining (TSX:LUN) says its $925-million takeover bid for Rio Narcea Gold Mines was successful, with 71 per cent of shares and warrants tendered. Shares dropped 24 cents to $14.63.

The TSX Venture Exchange was down 25.15 points to 3,279.30.

Wholesale inflation in the United States posted a better-than-expected reading in June as both food and energy costs retreated. The U.S. Labour Department said its producer price index fell by 0.2 per cent last month, the first decline since a 0.6 per cent dip in January.

Since then, wholesale prices had been recording big gains, but in June, food prices dropped by 0.8 per cent and energy prices were down 1.1 per cent.

Meanwhile, the U.S. Federal Reserve said industrial production - output at factories, mines and utilities - rose by 0.5 per cent last month after a 0.1 per cent drop in May. The gain was in line with expectations and provided evidence that factories are ramping up production after sharp cutbacks in the winter.

“With exports on a roll, U.S. manufacturing has turned up in the past four months, though it remains just 1.6 per cent above year-ago levels compared with the lofty 4.7 per cent pace of 2006,” said Sal Guatieri of BMO Capital Markets in a note.

“The recent upturn may indicate a diminishing impact from the housing slump.”

Several blue-chip companies reported moderately higher second-quarter earnings.

Merrill Lynch & Co., North America’s largest retail brokerage, said stronger investment banking results and fees from stock transactions boosted second-quarter profit by 30.2 per cent to US$2.07 billion, after paying preferred dividends.

Johnson & Johnson posted a nine per cent jump in profits on a double-digit sales increase on higher sales overseas. Net income totalled US$3.08 billion, up from $2.82 billion a year earlier.

The Coca-Cola Co. says its quarterly profit rose to US$1.85 billion, compared with $1.84 billion for the same period a year ago.

On the TSX, advances beat declines 807 to 782 with 253 unchanged as 365.1 million shares traded worth $6.5 billion.

In other news:

-Convenience store chain Alimentation Couche-Tard (TSX:ATD.B) says its fourth-quarter profit rose to US$33.4 million as revenue increased by double digits to US$3 billion. Shares increased $1.15 cents to $22.15.

-TimberWest Forest Corp. (TSX:TWF.UN) has tabled a “final” offer, boosting wages by 11 per cent over five years, in a move that it hopes will avert a strike at its operations.

TimberWest was one of two B.C. companies to receive 72-hour strike notices from the United Steelworkers. Company units gained eight cents to $17.84.

-NovaGold Resources Inc. (TSX:NG) says it will spend US$40 million more than planned to complete construction of its Rock Creek project in Alaska, its first producing mine. Capital cost estimates are about US$120 million. NovaGold shares were down 31 cents to $16.40.

- Online broadcaster JumpTV Inc. (TSX:JTV) is acquiring XOS Technologies’ broadband network business for an undisclosed price in a move to expand the Canadian company’s sports broadcasting business in the United States. Its shares lost 20 cents to $14.80.

-SLM Corp., the largest U.S. student lender, said second-quarter earnings rose 33 per cent on an increase in derivative and hedging activity. Earnings were US$966 million compared to $724 million in same quarter last year.

-Charles Schwab Corp. reported that profits jumped 16 per cent to US$292 million in the second quarter, matching Wall Street expectations