In Toronto, losers outpaced gainers on the TSX Friday by a ratio of 3-1 Friday, as all 10 sub-indexes closed in negative territory. Markets opened lower Friday as data showed Canada's economy grew less than expected and as the price of commodities took a tumble.
The Toronto Stock Exchange and markets in the U.S. fell sharply on Friday, losing much of the gains made Thursday, which has been the only positive day this week.
The S&P/TSX composite index was down about 185 points, or 1.7 per cent, to 10,890 at midday, with materials, energy and financial stocks leading the declines.
Such market movement came following a report from Statistics Canada that the economy contracted 0.1 per cent in August. It doesn't bode well for the Bank of Canada's expectations of annualized third-quarter growth of two per cent — ending the recession — when two of the three months so far in this period have seen flat or negative GDP.
The U.S. also received some sobering economic news Friday with the report that consumer spending in September was down for the first time in five months.
On American markets, the Dow Jones industrial average fell about 155 points, or 1.6 per cent, to 9,805 by midday. The Nasdaq composite index was off by around 35 points, or 1.6 per cent, to 9,805.
Overseas, European markets were down while Asian markets gained, seemingly playing catch-up with Thursday's rally, which it wasn't part of.
On commodities markets, crude oil was down $1.97 to $77.90 U.S. a barrel, while gold fell $10.60 to $1,036.50 U.S. an ounce
The Canadian dollar was down 90 basis points to 92.82 cents U.S.. link...
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