TORONTO (Reuters) - Toronto stocks clawed back some early losses but still finished lower on Thursday as weakness in resource issues held the market back while investors pored over a flood of corporate earnings results.
The Toronto Stock Exchange S&P/TSX composite index <.GSPTSE> closed down 38.21 points, or 0.37 percent, at 10,245.45. The market had shed more than 100 points earlier in the session, dropping to 10,164.92.
Volume was 236.1 million shares worth C$4.1 billion.
The heavyweight energy group led the market lower, falling 1.32 percent despite firmness in crude oil prices, which held above $61 a barrel.
The energy sector was hampered by heavyweight EnCana Corp.
"EnCana was a big factor, it's such a heavyweight now. It helped drive the TSX to lofty levels and now it's bringing the TSX down to earth," said John Ing, president of Maison Placements Canada.
After markets closed on Thursday, EnCana said it will sell
its gas liquids unit to Provident Energy Trust
Six of the TSX's 10 main subgroups were lower, including the materials sector, which fell 1.28 percent.
Among decliners were Domtar Inc.
Potash Corp.
"I think expectations were somewhat higher than actual guidance," Ing said of company results this earnings season. "Sentiment right now is that the market seems to be looking more for excuses to pull back rather than to go in there and buy. And I think that's symptomatic of negative bear-market type psychology."
Most of the market's biggest gold producers gained ground,
including Barrick Gold Corp.
The techs, industrials and consumer discretionary groups were lower.
Closing higher were the financials, telecoms, health-care and consumer staples sectors.
Market momentum was negative with 922 decliners and 501 advancers. The blue-chip S&P/TSX 60 index <.TSE60> edged down 1.4 points, or 0.24 percent, to 577.70.
In New York, the Dow Jones industrial average <.DJI> fell 115.03 points, or 1.11 percent, to end at 10,229.95. The tech-rich Nasdaq composite index slid 36.24 points, or 1.73 percent, to close at 2,063.81.
U.S. stocks staggered lower for a third consecutive day due to a bigger-than-expected drop in U.S. durable goods orders and news that General Motors Corp. had been subpoenaed by the U.S. Securities and Exchange Commission, which is investigating its accounting.
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