TORONTO - The Toronto stock market finished in the red after weakened financials overpowered the effects of surging gold stocks.
The S&P/TSX composite index tumbled 23.31 points to close at 12,147.26, while the TSX Venture Exchange rose 7.93 points to 1,688.70.
The TSX gold sector was higher as the precious metal soared to another record closing price. The bullion contract for December was up $17.80 at US$1,292.10 in New York trading.
However, financials stocks tarnished the market's shine, with the sector down 1.1 per cent with CIBC (TSX:CM) falling 44 cents to $73.42. The shift followed comments Tuesday from the U.S. Federal Reserve that inflation remains below levels that indicate a healthy economy and that it is ready to act to provide "additional accommodation" to support the recovery.
Oil prices lost ground after the U.S. Energy Information Administration said inventories increased by a million barrels last week, and the Canadian dollar was down 0.28 of a cent to 97.11 cents US.
On Wall Street, the Dow Jones industrial average dropped 21.72 points to 10,739.31. The Nasdaq composite index was down 14.80 points at 2,334.55, while the S&P 500 slipped 5.5 points to 1,134.28.
