Toronto stock market closes lower, eurozone worries
The TSX broadcast centre is seen in this Toronto file photo. (Aaron Harris/THE CANADIAN PRESS)
Published Friday, July 20, 2012 10:20AM EDT
Last Updated Friday, July 20, 2012 4:46PM EDT
TORONTO -- The Toronto stock market closed lower and commodities lost ground amid growing worries about Europe's debt crisis.
The S&P/TSX composite index declined 42.79 points to 11,622.91. The Canadian dollar lost 0.48 a cent to 98.75 cents US.
The Dow Jones industrials tumbled 120.79 points to 12,822.57.
The Nasdaq composite index dropped 40.6 points to 2,925.3 and the S&P 500 index declined 13.85 points to 1,362.66.
Oil lost $1.22 to US$91.44 a barrel.
The latest round of eurozone worries were sparked as the yield on Spain's benchmark 10-year bond ran up to over seven per cent, a rate considered to be unsustainable. Yields rose even as finance ministers from the 17 euro countries approved a bailout for Spanish banks.
But investors fear that the Spanish government could in the meantime face new costs helping its banks and could eventually need rescue loans itself.