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TSX down

(Posted on Jul 16, 2010 at 02:16PM )

Slumping consumer confidence and disappointing earnings results from a number of major companies in the U.S. weighed on stocks Friday, with markets around the globe ending the week in negative territory.

As the close of trading approached, Canada’s benchmark S&P/TSX composite index was down 182. 47 points, or 1.55 per cent to 11,559.30, wiping out the week’s gains as commodity prices fell and financials lost ground.

The dollar was down 1.4 cents to 94.86 cents US in late-afternoon trading.

On the New York Mercantile Exchange, oil fell 61 cents to close the week at $76.01 US a barrel. Gold prices dropped steeply on Friday, closing at $1,188.20 US an ounce, down $20.10.

The drop in Toronto came despite news that Canada’s leading economic indicator rose more than expected in June, led by the manufacturing sector. Statistics Canada said Friday the composite leading index increased by one point, while analysts had forecast a gain of 0.7 per cent.

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