TORONTO — The Toronto stock market closed lower following a disappointing revision to recent U.S. economic growth figures and a tepid reading on consumer sentiment.
Toronto's S&P/TSX composite index dropped 84.39 points to 11,539.63 as the U.S. economy grew at an annual rate of 2.8 per cent in the third quarter. That compared with a previous government estimate of 3.5 per cent and was weaker than the 2.9 per cent rate that had been expected.
Meanwhile, the U.S. Conference Board's Consumer Confidence Index edged up to 49.5 from a reading of 48.7 in October, well below the level above 90 which means the economy is on solid footing.
The Canadian dollar was down 0.19 of a cent to 94.52 cents US, gold gained $1.10 to US$1,165.80 while oil moved down $1.54 to US$76.02 a barrel.
The financial sector was lower despite a strong earnings report from Bank of Montreal (TSX:BMO), which reported its fourth-quarter net income rose 16 per cent and that its provision for credit losses moved lower.
New York's Dow Jones industrials closed 17.24 points lower at 10,433.71, the Nasdaq composite index was off 6.83 points to 2,169.18 while the S&P 500 index was down 0.59 of a point at 1,105.65.
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