Stocks in Toronto retreated on Friday as fresh trend lows for crude oil prices weighed on the resource-linked market.
The Toronto Stock Exchange's S&P/TSX composite index moved sharply lower, by 161.18 points, or 1.2%, to open Friday at 12,855.41
The Canadian dollar slid 0.4 cents to 73 cents U.S.
Energy stocks took it on the chin, primarily Suncor Energy, down 65 cents, or 1.8%, to $35.02, and TransCanada Corporation, which fell 53 cents, or 1.2%, to $44.15.
Consumer staples were next on the ladder, as Metro stumbled 79 cents, or 2%, to $38.53.
Financials also had a rough ride as TD Bank lost 52 cents, or almost 1%, to $53.46, and RBC skidded 90 cents, or 1.2%, to $73.25.
Gold stocks tried to provide a buffer as Goldcorp vaulted 32 cents, or 2%, to $16.50, while NovaGold Resources leaped eight cents, or 1.4%, to $5.78.
ON BAYSTREET
The TSX Venture Exchange retreated 1.54 points to 502.74.
All but two of the 13 TSX subgroups tumbled, as energy gave out 2.7%, consumer staples swooned 1.4%, and financials lost 1.3%
The two gainers were gold, better by 1.8%, and materials, up 0.3%.
ON WALLSTREET
U.S. stocks traded sharply lower Friday as oil continued to decline and investors digested data and corporate news, ahead of the Federal Reserve’s highly anticipated decision on rates next week.
The Dow Jones industrial average dropped 211.39 points, or 1.2% to open at 17,363.36, with DuPont briefly falling about 6% as the greatest weight on the index as all member stocks declined.
The S&P 500 gained 2.47 points to 2,050.09. Energy and materials were the greatest laggards in the S&P 500 as all sectors declined in morning trade.
The NASDAQ index surged 22.31 points to 5,045.17
DuPont, Dow Chemical officially agreed to merge in an all-stock deal to form a combined company valued at $130 billion. The new firm, to be called DowDuPont, is expected to eventually separate into three entities.
Also in focus was news that New York-based Third Avenue Management is blocking investors from withdrawing their money from a near $1-billion U.S. junk bond fund as it tries to liquidate the fund in the biggest failure in the U.S. mutual fund industry since the Primary Reserve Fund "broke the buck" during the 2008 financial crisis.
In economic news, October U.S. business inventories were unchanged, while September's figure was revised to 0.1% from 0.3%
The preliminary read on December U.S. Michigan Consumer Sentiment was 91.8.
November retail sales rose 0.2%. Ex-autos, retail sales rose 0.4%.
The U.S. Labor Department said on Friday its producer price index advanced 0.3% after falling 0.4% in October.
Prices for the 10-year Treasury gained sharply, lowering yields to 2.18% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices slid 92 cents a barrel to $35.84 U.S.
Gold prices gained $2.18 to $1,073.76 U.S. an ounce.
