Canada's main stock index fell to a 10-day low on Thursday as financial and industrial shares pared recent gains, while the materials group lost ground as base metal prices slumped.

The Toronto Stock Exchange's S&P/TSX composite index closed down 49.02 points, or 0.31 per cent, at 15,781.20, its lowest close since Feb. 13.

Still, it has rallied 3.2 per cent this year after climbing 17.5 per cent in 2016 and on Tuesday reached an all-time high at 15,943.09.

"The market still has a good tone but sometimes the market will 'back and fill'," said Irwin Michael, portfolio manager at ABC Funds.

"A lot of these stocks have run up tremendously over the last few months."

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 per cent, with Potash Corporation of Saskatchewan Inc falling more than 3 per cent to $23.69 and copper producer First Quantum Minerals Ltd tumbling 6.5 per cent to $14.23.

Copper prices declined 3.0 per cent to US$5,858.85 a tonne as investors worried that demand could slow from China should its government take steps that cool the country's property market.

In contrast, gold futures rose 1.4 per cent to US$1,249.7 an ounce after Federal Reserve minutes on Wednesday dampened expectations for an interest rate hike in March.

Shares of Canadian Imperial Bank of Commerce rose 1 per cent to $119.40. The bank posted better-than-expected quarterly results and said it would be "disciplined" in assessing whether to raise its $3.8 billion offer for Chicago-based PrivateBancorp.

"The results from CIBC were stellar and I think it sets the table for some excellent results for all the Canadian banks," said Barry Schwartz, portfolio manager at Baskin Financial Services.

The overall financials group slipped 0.3 per cent as investor doubts about the economic impact of the Trump administration's policies pressured bond yields lower.

Seven of the index's 10 main groups ended lower, with industrials falling 1.2 per cent as railroad stocks lost ground. Canadian National Railway Co ended down 1.5 per cent at US$93.37.

The energy group climbed 1.3 per cent as oil prices rose.

U.S. crude prices settled 86 cents higher at US$54.45 a barrel but gains were pared after U.S. government data showed a seventh straight build in crude stocks.

Crescent Point Energy Corp advanced 1.5 per cent to $15.73, even as the company reported a bigger-than-expected quarterly loss.

Supermarket chain Loblaw's advanced 3.1 per cent to $71.05 after reporting a sharp jump in profit and higher-than-expected revenue.  

U.S. MARKETS

U.S. stocks edged higher on Thursday, buoyed by energy stocks and a renewed pledge by President Donald Trump to chief executives of major U.S. companies to bring back millions of jobs to the United States.

At a meeting with about two dozen chief executives, Trump said he plans to bring millions of jobs back to the United States, without revealing a specific plan on how to counter a decades-long fall in factory jobs.

"We have seen quite a bit about that conference of business leaders with some extremely positive comments about the administration and their facilitation of a more pro-business-friendly environment," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

"That sort of endorsement from some of the major corporations around the country and around the world suggests to investors that this is a new era."

Trump is expected to introduce a series of proposals that could benefit companies, including tax reforms, a reduction in regulation and increased infrastructure spending that were a part of his election campaign.

Those promises have helped spur equities to record highs, with the S&P 500 up more than 10 per cent since the election.

Investors, however, are looking for more clarity on the proposals, which has kept the benchmark S&P index in a tight daily trading range. It has failed to register a move of at least one per cent in either direction since Dec. 7.

Trump is scheduled to address a joint session of Congress on Feb. 28.

The Dow Jones Industrial Average rose 34.72 points, or 0.17 per cent, to 20,810.32, the S&P 500 gained 0.99 points, or 0.04 per cent, to 2,363.81 and the Nasdaq Composite dropped 25.12 points, or 0.43 per cent, to 5,835.51.

The Dow managed to notch a record high for a tenth straight session, the longest streak since 1987. The streak of gains is the longest for the index since March 2013.

Energy, up 0.5 per cent, was the best performing of the major S&P sectors as oil prices climbed.

But retail stocks closed down 1.0 per cent, plunging late in the session. Trump spoke favorably about an export-boosting border adjustment tax being pushed by Republicans in the U.S. Congress, although he did not specifically endorse it in an interview with Reuters.

The Nasdaq saw its biggest daily per centage drop this month, weighed down by a 9.3-per cent drop in Nvidia . BMO cut its rating on the stock to "underperform" and reduced its price target by US$15 to US$85 per share.

L Brands plunged 15.8 per cent to US$48.94 as the worst performer on the S&P 500. The company reported weak sales at Victoria's Secret, its biggest business by revenue.

Boston Scientific lost 2.7 per cent after the company recalled its Lotus Valve heart devices, citing reports of problems with the locking mechanism. Shares of rival Edwards Lifesciences rose 3.8 per cent.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.

The S&P 500 posted 65 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 132 new highs and 39 new lows.

About 7.11 billion shares changed hands in U.S. exchanges, compared with the 6.79 billion daily average over the last 20 sessions.