TORONTO - The Toronto stock market closed in the red on the final day of January trading as worries about European deflation and emerging markets persuaded investors to step back after a big run-up. The S&P/TSX composite index dropped 40.34 points to 13,694.94. The Canadian dollar advanced 0.22 of a cent to 89.78 cents US as November gross domestic product rose 0.2 per cent, its fifth consecutive monthly gain. New York's Dow industrials dropped 149.76 points to 15,698.85, the Nasdaq slipped 19.25 points to 4,103.88 and the S&P 500 index lost 11.6 points to 1,782.59. Meanwhile, TransCanada's (TSX:TRP) shares gained 59 cents to $48.42 after an environmental report from the U.S. State Department said the company's controversial Keystone XL pipeline is unlikely to significantly affect the rate of extraction in the Alberta oil sands. The report stops short of recommending approval of the pipeline but gives President Barack Obama political cover if he chooses to endorse the pipeline in spite of strong opposition from environmentalists and others. ( The Canadian Press )
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