Blue chips in Toronto traded lower Thursday -- as investors took in earnings from three of the big banks while mining stocks slumped and oil prices hit a four-year low.
The S&P/TSX composite index was down 239.14 points to 8,057.82.
In the banking sector -- TD shares fell 58 cents to $41.92 after it said fourth-quarter net income came in at $1.01 billion, down from $1.09 billion a year ago.
Canadian Imperial Bank of Commerce reported quarterly net income of $436 million, down from $884 million a year earlier. Its shares gained 88 cents to $46.18.
National Bank shed $2.27 to $35.55 after fourth-quarter earnings of $70 million, compared with a year-ago net loss of $175 million.
The banks were hit by credit losses and provisions, but maintained their solid dividends.
Also reporting was Bombardier Inc. with a summer-quarter profit of US$245 million, up from $91 million a year ago. The global plane and train maker's revenue ran up eight per cent to $4.57 billion. Its shares rose 3 cents to $3.92.
On the data front -- the value of Canadian building permits fell by a steeper-than-expected 15.7 percent in October, an early indicator of a slower fourth quarter for the economy, according to Statistics Canada data on Thursday.
Bankruptcies in Canada numbered 9,468 in October, up 7.2 percent from September and 21.1 percent from October 2007, with the pain concentrated among individuals. The office of the federal Superintendent of Bankruptcy reported Thursday that 8,972 consumers filed for bankruptcy in October, up 7.5 percent from October and 22.8 percent from a year earlier.
Business bankruptcies totalled 496 for the month, up 1.4 percent from the previous month but down 3.3 percent from the year-ago corporate toll.
Down south -- the Labor Department said jobless claims for the week ended Nov. 29 fell 21,000 509,000. The result was better than economists' forecast of 540,000 claims for the week.
The Canadian dollar, meanwhile, was up down 1.44 cents to 78.30 cents US.
BAYSTREET
Three of the TSX sub-groups traded higher today -- telecom stocks were up 1.21 percent; consumer staples issues were ahead 0.61 percent and consumer discretionary stocks gained 0.42 percent.
On the downside -- mining stocks fell 7.53 percent; energy issues shed 7.46 percent and tech stocks dipped 3.58 percent.
COMEX gold for February delivery lost $5 to $765.50 US an ounce.
Meanwhile, the TSX Venture Exchange shed 14.22 points to 697.86 and the NASDAQ Canada was off 17.10 points at 378.93.
ON WALLSTREET
After fluctuating throughout much of Thursday's session, stocks on Wall Street sold off into the close as the fate of the troubled U.S. automakers hung in the balance and traders shied away from buying stocks in advance of Friday's November jobs report.
The Dow Jones Industrial Average sank 215.45 points, or 2.5 percent, to 8376.24, and the S&P 500 lost 25.52 points, or 2.9 percent, to 845.22. The Nasdaq fell 46.82 points, or 3.1 percent, to 1445.56.
Scrambling to stay afloat, the automakers were again in focus on Thursday. Earlier in the week, General Motors, Ford and Chrysler headed to Capitol Hill to seek government help as they navigate a precarious market climate. On Thursday, the CEOs of the Big Three once again were testifying before Congress about potential bailout legislation. They told lawmakers that they would accept government oversight in exchange for funding, but that they needed immediate aid.
Layoffs and salary reductions were dominating the day's early headlines. Executives at Citigroup, along with director and senior adviser Robert Rubin, were willing to go without bonuses this year, according to a report by the Financial Times.
Telecom giant AT&T said it would cut 12,000 jobs, or 4 percent of its total workforce, citing ''economic pressures, a changing business mix and a more streamlined organizational structure.''
DuPont, the chemical conglomerate, said it would cut 2,500 jobs, primarily in ''businesses that support the motor vehicle and construction markets in Western Europe and the United States.''
Swiss bank Credit Suisse announced plans to cut 5,300 jobs and said it expects to report a $2.5 billion fourth-quarter loss.
In other financial-sector news, The Wall Street Journal reported that credit card company Capital One intends to buy Chevy Chase Bank for $520 million in a cash-and-stock deal.
In one bright spot, Wal-Mart Stores continued to outperform the overall retail sector as consumers sought bargains amid the economic crisis. Wal-Mart reported a 3.4 percent rise in November same-store sales, or sales at stores open a year or more. That was above the company's growth forecast of 1 percent to 3 percent.
But other chains had a rougher period. Wal-Mart rival Target said sales fell 10.4 percent, while teen clothing chain Abercrombie & Fitch said sales fell 28 percent.
Treasury prices inched higher, with the yield on the benchmark 10-year note falling to 2.64 percent from 2.66 percent late Wednesday. The 10-year yield dipped below 3 percent last week for the first time since the note was first issued in 1962. Treasury prices and yields move in opposite directions.
U.S. light crude oil for January delivery fell $3.12 to $43.67 US a barrel on the New York Mercantile Exchange, ending at a nearly 4-year low.
