Economic worries push TSX down for fourth session
Published Wednesday, October 24, 2012 3:08PM EDT
Last Updated Wednesday, October 24, 2012 4:24PM EDT
TORONTO -- The Toronto stock market closed slightly lower despite a wave of positive Canadian earnings reports from Canadian Pacific Railway (TSX:CP), Rogers Communications (TSX:RCI.B) and mining giant Teck Resources (TSX:TCK.B).
The S&P/TSX composite index dropped 31 points to 12,195. The Canadian dollar moved down 0.23 of a cent to 100.51 cents US amid weak commodity prices.
U.S. indexes were also lower on top of steep losses Tuesday triggered after earnings disappointments from DuPont chemical and conglomerate 3M Inc. reinforced a gloomy view of economic prospects.
The Dow Jones industrials declined 25.19 points to 13,077.34, the Nasdaq composite index was down 8.76 points to 2,981.7 and the S&P 500 index slipped 4.36 points to 1,408.75.
Oil fell 94 cents to US$85.73 a barrel.
Facebook had its best day since its stock market debut in May. Its stock surged 19 per cent after reassuring investors that 14 per cent of its advertising revenue came from mobile devices.