Investors took a breather Friday from the higher levels stocks enjoyed most of the week, following the surprise election of Donald Trump as U.S. president.
The S&P/TSX Composite tumbled 188.84 points, or 1.3%, to close Friday and the week at 14,655.41. Losses for the index left it below the 14,656.84 level it closed at on Tuesday before the result of the U.S. presidential election.
The Canadian dollar dropped 0.44 cents, to 73.83 cents U.S.
Gold stocks suffered the worst, as Barrick Gold went south $1.16, or 5.5%, to $20.06. Goldcorp lost a dollar, or 5.3%, to $17.80.
Other mining issues suffered, particularly Silver Wheaton, docking $2.73, or 10.1%, to $24.28, while First Quantum Minerals slid 75 cents, or 5%, to $14.22.
Energy issues were down as well, as Baytex Energy doffed 18 cents, or 3.4%, to $5.08, while EnCana lost 44 cents, or 3.1%, to $13.88.
ON BAYSTREET
The TSX Venture Exchange fell 15.72 points, or 2.1%, to 727.91
All 12 TSX subgroups remained negative on the day, as gold got bruised 7.1%, materials retreated 4.3%, and energy ditched 1.3%.
ON WALLSTREET
U.S. equities closed mostly higher on Friday, with the three major indexes posting their best weekly gains of the year on the back of a surprise Republican sweep.
The Dow Jones Industrials made its way into the green 39.78 points to finish the week at 18,847.66, above Thursday’s all-time high, with Pfizer leading decliners and Walt Disney the top advancer.
For the week, the Dow rose around 5.4% marking its best weekly performance since December 2011.
The S&P 500 was still down 3.03 points at 2,164.45, with energy falling 1.7% to lead decliners. The index, however, ended the week about 3.8% higher, posting its highest weekly gain since 2013.
The NASDAQ composite index finished positive 28.32 points to 5,237.11, and gained 3.8% for the week, marking its best weekly performance since February.
Experts say the Federal Reserve is largely expected to raise rates next month, which said market expectations for higher rates were around 76%.
Before the bell, Fed Vice Chairman Stanley Fischer said the case for removing accommodation is "quite strong" while interest rates will plateau at a level that is lower than normal.
Fischer added that He expects U.S. rates to rise gradually, and said the Fed is close to achieving its dual mandate. The Fed's goal is to return to 2% longer-run inflation and to maximize employment.
In economic news, consumer sentiment for November came in at its highest level since June.
Since Donald Trump's victory in the race for the White House, investors have been quickly reallocating assets, increasing exposure to financials and industrials, while lowering positions in sectors like utilities, real-estate and consumer staples.
Entering Friday, financials and industrials had gained 10.9% and 7.7%, respectively, while utilities, consumer staples and real estate were down 3.7%, 2% and 1.6% respectively.
In economic news, consumer sentiment data are due this morning.
Bond markets were closed in the U.S. for Veterans Day.
Oil prices skidded $1.44 to $43.22 U.S. a barrel
Gold prices plummeted $43 to $1,223.40U.S. an ounce.
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