The Toronto stock market closed lower Monday as investors pocketed some profits after four weeks of solid gains.
The S&P/TSX composite index lost 91.66 points to 10,793.67, which all but wiped out last week's gain of almost one per cent that followed a much better than expected U.S. employment report for July.
On Monday, weakness was widespread on the TSX with the energy sector losing ground as the September crude contract on the New York Mercantile Exchange moved 33 cents lower to US$70.60 a barrel.
TSX heavyweight Research In Motion Ltd. (TSX:RIM) was also a drag on the market. Its shares declined $3.91 to $79.70 after a UBS analyst downgraded the Blackberry maker to neutral from buy on valuation concerns.
The Canadian dollar moved down 0.55 of a cent to 91.85 cents US.
New York markets were also lower at the start of a week where key retailers such as Wal-Mart Stores and Macy's report earnings and the Federal Reserve makes its next announcement on interest rates.
The Dow Jones industrials were 32.12 points lower to 9,337.95 after rising 2.2 per cent last week while the Nasdaq composite index declined 8.01 points to 1,992.24.
