TORONTO -

The Toronto stock market closed lower for a second session as gains in mining stocks were offset by sliding energy and industrial stocks.

The S&P/TSX composite index fell 82.97 points to 10,432.35. The main index's 25-point dip Tuesday broke a six-session winning streak that sent the main index up almost 800 points.

"When you get six days up in a row, that's a little overdone, I don't care what kind of a situation we're in, whether it's strong economic growth, poor economic growth, whatever," said Fred Ketchen, manager of equity trading at Scotia Capital.

"Whether you're recovering or stagnant, six straight gains like we had is getting a little ahead of ourselves."

Other analysts warned that the market could have a harder time advancing because investors are raising their expectations.

The energy sector was off 1.13 per cent as investors took in the first of quarterly earnings from sector heavyweights.

Suncor Inc. (TSX:SU) logged a second-quarter net loss of $51 million, sharply down from net earnings of $829 million in the second quarter of 2008. Its shares fell more than four per cent in early trading but closed 20 cents lower to $36.

Suncor blamed the loss on lower oil prices compared to last year's second quarter -- when crude futures stood at about US$140 a barrel -- while operating expenses were higher due to increased production and sales.

Oil prices fell Wednesday as the September crude contract dipped 21 cents to US$65.40 a barrel.

On Tuesday, Suncor and Petro-Canada (TSX:PCA) agreed to sell 104 gasoline stations in southern Ontario as well as other assets to get regulatory approval for their merger into Canada's largest oil producer.

Elsewhere in the sector, Precision Drilling Trust (TSX:PD.UN) reported a second-quarter profit of $57 million, more than doubling year-earlier net income of $22 million. Its units added two cents to $5.48.

The Canadian dollar gained seven tenths of a US cent to 91.03 cents US as Canadian retail sales rose 1.2 per cent in May. The showing more than offset a modest 0.8 per cent decline in April.

The TSX Venture Exchange was 8.81 points higher to 1,123.45.

New York markets were mainly weaker in the wake of the latest earnings from the financial sector.

The Dow Jones industrial average declined 34.68 points to 8,881.26. The Nasdaq composite index rose 10.18 points to 1,926.38 after Yahoo Inc. and Apple Inc. posted better-than-expected profits late Tuesday.

Wells Fargo & Co. said its second-quarter net income beat expectations, rising 81 per cent from a year ago to US$3.17 billion but it also reported rising losses from failed loans. Its shares fell 90 cents to US$24.45.

Yahoo's earnings rose eight per cent -- the company's first quarterly earnings improvement since the beginning of 2008. Its shares moved up 62 cents to US$17.37.

Apple beat Wall Street's expectations in both profit and revenue on robust sales of laptops and iPhones. Its shares gained $5.23 to US$156.74.

The S&P 500 slipped 0.51 of a point to 954.07.

Elsewhere on the TSX, the industrial sector gave back 1.08 per cent as Canadian National Railways gave back 53 cents to $50.02.

The base metals sector was the strongest sector, up one per cent as the September copper contract moved 7.45 cents higher to US$2.5255 a pound. Teck Resources (TCK.B) gained 46 cents to $24.75 and First Quantum Minerals (TSX:FM) ran up $1.11 to $65.26.

The August bullion contract on the Nymex moved $6.40 higher to US$953.30 an ounce and the gold sector was off 0.8 per cent.

In other corporate news, the German government said Wednesday that it still favours a consortium led by Canada's Magna International Inc. (TSX:MG.A) to take over General Motors Co.'s Opel unit.

Magna and Russia's Sberbank are now offering euro500 million, or about C$900 million, for a combined 55 per cent stake in Opel. Magna shares were of 11 cents to $52.41.

Shares in Timminco Ltd. (TSX:TIM) moved four cents lower to $1.15 after it said it plans to lay off up to 60 employees amid weak second-quarter demand for its upgraded metallurgical silicon, used in making solar energy cells.

Shoppers Drug Mart Corp. (TSX:SC) shares declined 24 cents to $47.25 as it boosted its second-quarter profits by 7.5 per cent to $136 million, helped by an increase in prescription sales and the expansion of its store space.