Energy stocks push TSX higher; loonie falls amid slowing economic growth numbers

By Malcolm Morrison, The Canadian Press

TORONTO – The Toronto stock market chalked up a modest advance despite an unexpected decline in Canada’s economy in November.

The S&P/TSX composite index closed up 36.2 points at 14,673.48, as gross domestic product in November declined 0.2 per cent. That was worse than the flat showing that economists had expected.

The Canadian dollar plunged to fresh six-year lows on the data, down 0.63 of a cent to 78.67 cents US.

New York indexes fell as fourth-quarter U.S. GDP disappointed, coming in at 2.6 per cent. Economists had generally expected a reading of 3.1 per cent.

The Dow Jones industrials tumbled 251.9 points to 17,164.95, the Nasdaq fell 48.17 points to 4,635.24 and the S&P 500 index lost 26.26 points to 1,994.99.

Energy stocks led TSX gainers as oil climbed $3.71 to US$48.24 a barrel. The TSX financial sector was the major weight, down per cent after Barclays Bank downgraded several of the major Canadian banks, saying that “slower than anticipated economic growth will weigh on the earnings growth and valuations of the group.”

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