Source: The Canadian Press

Worries about further moves to slow the Chinese economy punished resource stocks and sent the Toronto stock market lower.

The S&P/TSX composite index dropped 98.67 points to 13,152 while the Canadian dollar was up 0.06 of a cent at 98.93 cents US.

Commodity stocks stepped back amid rumours that China’s central bank may hike interest rates after its consumer price index reportedly topped five per cent in November.

Worries about slowing Chinese demand pushed oil down 41 cents to US$88.28 a barrel.

The financial sector was the only positive group after Laurentian Bank boosted its quarterly dividend, which raised hopes other banks will follow suit.

New York’s Dow Jones industrial average gained 13.32 points to 11,372.48. The Nasdaq composite index headed 10.67 points higher to 2,609.16 while the S&P 500 index was ahead 4.53 points at 1,228.28.