TSX Closes Down Just Over 60 Points Amid Earnings Concerns

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Canada's main stock market closed down 61.15 points Wednesday, taking its lead from U.S. markets which were down on a warning from Alcoa Inc ( AA ) about slower aluminum consumption. This has raised the prospect of a disappointing earnings season ahead not just for the U.S., but for Canada too.

There were signs that bargain hunters might be set to move in and take control when the index managed to sneak in to positive territory late morning (after opening around 30 points lower than the previous close), but the buying didn't last long and, indeed, the pace of selling increased on either side of midday.

All sectors bar the Telecom one (which contains companies with a good reputation for paying dividends) lost ground, with the Energy and Metals & Mining ones losing most in percentage terms.

November crude fell US$1.14 to $91.25 a barrel on the New York Mercantile Exchange. Gold for December delivery edged up 10 cents to $1,765.10 an ounce on the Comex division of the New York Mercantile Exchange.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AA

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