TSX down as hopes fade for fiscal cliff deal
The buildings of Canada's major banks are reflected in the front window of the Toronto Stock Exchange in Toronto on Monday, May 16, 2011. (THE CANADIAN PRESS/Frank Gunn)
Published Thursday, November 15, 2012 9:03AM EST
Last Updated Thursday, November 15, 2012 9:58AM EST
TORONTO -- The Toronto stock market was lower, adding to a string of losses amid a lack of confidence lawmakers can stop the U.S. economy from going over the so-called fiscal cliff.
Traders were also discouraged over data showing the eurozone has fallen back into recession.
The S&P/TSX composite index fell 55.83 points to 11,873.96 following a 205-point tumble that left the TSX in negative territory for the year.
The Canadian dollar gained 0.29 of cent to 99.91 cents US.
U.S. markets were little changed as the Dow Jones industrials slipped 2.76 points to 12,568.19, the Nasdaq was off 0.68 of a point to 2,846.13 and the S&P 500 index added 0.72 of a point to 1,356.21.
Markets racked up substantial losses Wednesday in the wake of a news conference by President Barack Obama, where he made it clear that higher taxes on upper income earners will have to be part of any agreement to deal with the huge U.S. deficit.
Oil gained 41 cents to US$86.73 a barrel.