TORONTO -- The Toronto Stock Exchange and major U.S. markets were down and Canada's dollar fell nearly half a cent Friday morning.

The S&P/TSX composite index was down 116.90 points at 13,479.51, after climbing 51.16 points on Thursday.

The Dow Jones industrial average was down 249.47 points at 16,125.29, the broader S&P 500 index fell 26.73 points to 1,924.40 and Nasdaq declined 45.61 to 4,687.89.

The loonie traded at 75.33 cents US, down 0.46 of a U.S. cent from Thursday's close.

On the commodity markets, the December gold contract fell $3.70 to US$1,120.80 an ounce, the October crude contract was down 50 cents at US$46.25 a barrel and the October contract for natural gas was down three cents at US$2.69.