The Toronto stock market finished down more than 400 points on the day and nearly 800 points on the week over disappointing results from Research in Motion and turmoil in the U.S.

The S&P/TSX composite index finished down 420.51 points from Thursday's close, ending the week at 12,126 --  a loss of 787 points or 6.1 per cent.

A week ago, the index surged by almost 850 points, the biggest one-day gain since 1987, on news that the United States was moving aggressively to prop up its tottering financial system.

Since then, the market has cooled to the bailout plan. By the end of the trading day, U.S. political leaders had still not signed off on the Bush administration's US$700-billion plan to buy bad mortgage debt from financial institutions.

CTV's Austin Delaney, reporting from Bay and King Streets, said reaction on the street from people he spoke with ran against using taxpayers' money on bailing out the U.S. banks for their bad practices.

Patricia Lovett-Reid of TD Waterhouse put it this way: "Yesterday, I was at the dentist and actually had a root canal. I didn't want it, I certainly didn't like it, but it was necessary to take the pain away."

Fred Ketchen of ScotiaMcLeod said if the problems south of the border aren't fixed, Canadian investors will feel the pain here. "Probably there are more Canadians owning bank stocks or financial stocks in this country than almost any other sector that we've got," he said.

Those banks have invested in turn in U.S. financial institutions, he said.

In New York, the Dow Jones Industrial Average still finished up 121.07 points to close at 11,143.13 on expectations some type of deal will be reached on a bailout. U.S. Congressional leaders suggested a deal could be in place by Friday.

In Canada, the shares of high-flying Research In Motions fell 28 per cent to $72.57 after its earnings missed analysts' projections, and that hurt the entire TSX index.

The Waterloo-based company warned its margins could continue to be squeezed by higher-cost new products aimed at the consumer market.

The TSX's financial sector was down 1.5 per cent on the day.  The TSX energy sector lost 3.3 per cent on news that the November crude contract on the New York Mercantile Exchange fell $1.13 to US$106.89.

The Canadian dollar was up 0.14 cent to 96.82 cents US.

With files from The Canadian Press