The TSX was deeper into negative territory by Friday’s close, as energy stocks continued to take a beating from falling oil prices , following Goldman Sachs' crude forecast.
The S&P/TSX composite index plummeted 108.5 points to end the day and a short week at 13,461.39
The Canadian dollar eased 0.01 cents to 75.44 cents U.S.
Reports said Goldman Sachs reduced its oil outlook to $45 U.S./barrel from the previous $57 U.S./barrel, citing concerns over China's economy and oversupply.
Accordingly, energy stocks took the biggest knocks, as Baytex Energy was clobbered 58 cents, or 8.8%, to $6.06, while Pengrowth Energy fell 11 cents, or 8.1%, to $1.25.
Investors were also looking ahead to next week's meeting of the U.S. Federal Reserve, which could prove pivotal if the central bank decides to raise interest rates for the first time in nearly a decade.
The uncertainty over whether the Fed will lift rates next week or wait until later in the year could mean greater volatility in global markets, including Canada.
Telecom stocks also fared badly, as Manitoba Telecom Services dipped 54 cents, or 1.9%, to $28.06, and BCE fell short 95 cents, or 1.8%, to $53.18
Industrials were also negative, as SNC-Lavalin ditched $1.03, or 2.6%, to $39.14. Bombardier was the most actively traded stock, giving up two cents, or 1.1%, to $1.86, on 29.3 million shares.
Gold provided one of the few bright spots, as NovaGold Resources climbed 24 cents, or 5.2%, to $4.84, while Alacer Gold jumped 14 cents, or 5%, to $2.93.
ON BAYSTREET
The TSX Venture Exchange inched down 2.08 points Friday to 547.20
Eight of the 14 TSX subgroups were lower, weighed mostly by energy, sliding 3.1%, telecoms, down 1.2%, and industrials, off 0.4%.
The half-dozen gainers were led by gold, upping 1.3%, while materials and global base metals each improved 0.5%.
ON WALLSTREET
U.S. stocks closed mildly higher Friday despite a renewed decline in oil prices and uncertainty ahead of the key Federal Reserve meeting next week.
The Dow Jones industrial average marched higher 102.69 points to 16,433.09, boosted by UnitedHealth and McDonald's. The blue-chip index ended up 2.1% on the week, its best since March 20.
The S&P 500 moved up 3.96 points to 1,956.25, with energy declining nearly 1% as the greater of two laggards.
The NASDAQ index gained 17.05 points to 4,813.31.
The S&P 500 and NASDAQ had their best week since the week ended July 17.
On the earnings front, Mattress Firm missed estimates by five cents with adjusted quarterly profit of 67 cents U.S. per share, with revenue also missing forecasts. Kroger is also expected to report before the bell.
Kroger reported second-quarter earnings of 44 cents U.S. a share on revenue of $25.54 billion, for a 25% increase in profit from the same period last year. The stock closed up 5.3%.
Stocks closed higher Thursday, off session highs as a bounce in oil and Apple failed to completely offset increased uncertainty over the Fed.
Apple ended the day up about 1.3%t, with gains of 4.3% for the week.
Stocks hit session lows after preliminary September consumer sentiment came in at 85.7, the lowest since September 2014 and below expectations of 91.2. The final read for August was 91.9.
Futures extended losses slightly after the Producer Price Index (PPI) for August came in unchanged, mildly beating expectations for a 0.1% decline. The core PPI was up 0.7% in the 12 months through August.
In other economic news, the United States posted at $64-billion deficit in August for a total deficit of $424 billion so far this year. The annual deficit has fallen 18% from August 2014.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.19% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.02 a barrel to $44.90 U.S.
Gold prices shed $8.10 to $1,101.20 U.S. an ounce.
