North American markets backtrack as ECB's Draghi falls short of expectations
The TSX broadcast centre is seen in this Toronto file photo. (Aaron Harris/THE CANADIAN PRESS)
Published Thursday, August 2, 2012 3:46PM EDT
Last Updated Thursday, August 2, 2012 4:30PM EDT
TORONTO -- Stock markets closed lower as traders were disappointed with the outcome of the European Central Bank's attempt to tackle the debt crisis in the region.
Hopes were that the ECB would announce more immediate steps, but it instead delivered an outline that lacked much detail. North American and European markets weakened after the announcement.
Toronto's S&P/TSX composite index closed down 112.03 points to 11,506.50.
On Wall Street, the Dow Jones industrial average fell 92.18 points to 12,878.88 and the broader S&P edged down 10.32 points to 1,365. The Nasdaq was off 10.44 points at 2,909.77.
The September crude contract on the New York Mercantile Exchange closed $1.78 lower to US$87.13 a barrel. December gold fell $16.60 to US$1,590.70 an ounce.
The Canadian dollar was down 0.19 of a cent to 99.29 cents US.