Metals, industrials hit hard
The S&P/TSX composite index fell 215.21 points, or 1.5%, to end the day at 13,717.76
The Canadian dollar recovered
The mining sector declined while March copper was off a cent at
The energy sector lost ground as Canadian Natural Resources gave back
Financials also weighed, with Manulife Financial down
The gold sector lost early momentum and turned down. Barrick Gold lost
The tech sector was the main advancer and shares in business software company Open Text Corp. ran ahead
Revenue increased to
On the economic calendar, Statistics Canada reported that consumer prices jumped 1.2% in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in December, matching the rise in November.
All but two of the 14 Toronto subgroups were lower, weighed mostly by the global base metals group, down 3.4%, while industrials sank 2.6%, and the metals and mining group slid 2.2%
The two gainers were in information technology, up 0.6%, and utilities, ahead 0.5%.
Friday was another ugly day on
The Dow Jones Industrial Average plummeted 318.24 points, or nearly 2%, to close a mercifully short week at 15,879.11. The markets were closed Monday for
The S&P 500 index faded 38.17 points to 1,709.29. The NASDAQ hurtled earthward 90.70 points to 4,128.17, despite a jump in shares of Microsoft following strong quarterly sales and earnings.
The losses come at the end of what could wind up being the worst week for stocks in more than a year. The Dow has declined more than 3%, putting it on track for its work week since
Meanwhile, the NASDAQ was on pace for its first weekly decline of the year.
Xerox shares took a dive after the copy machine company reported declines in quarterly revenue and profit.
Honeywell shares were also down as the defense contractor reported a slip in quarterly sales.
Procter & Gamble was one of the few bright spots in the market Friday. The stock rose nearly 2% after reporting quarterly profits that, while lower than a year ago, beat estimates.
Starbucks shares were also rising after the coffee giant reported better-than-expected earnings.
News from Corporate America didn't help. After last year's big rally, investors are looking for signs the economy will be strong enough to keep the bull market going but so far, this earnings season has been respectable, as opposed to spectacular.
Of the S&P 500 companies, 102 have reported fourth-quarter results, with only 66 beating analysts' estimates, according to S&P Capital IQ. Of the remainder, 26 have missed, and 10 have met expectations.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.74% from Thursday's 2.77%. Treasury prices and yields move in opposite directions.
Oil prices doffed
Gold prices grew
Ugly end to short week on
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