Toronto stocks closed lower on Friday, hit by weak earnings from U.S. technology companies and Ford Motor Co.
The TSE 300 lost 66.72 points to close at 7,502.75, a loss of just under 1%. Volume was light at about 100 million shares.
The tech-heavy industrial products sub-index ended down 2.3%.
Overall, 12 of the TSE’s 14 sub-indices finished down, with only golds and metals showing resistance. Market momentum was negative with decliners outpacing advancers 519 to 458.
Nortel Networks dropped 35¢ to close at $10.30, as Canadian tech stocks were caught in the fallout of weak earnings and forecasts announced by Dell Computer.
Canadian auto parts makers took a hit after Ford said it would lay off up to 5,000 white collar workers, and slashed its 2001 earnings forecast.
Magna International fell $3.62, or 3.5%, to $99.27, and Wescast Industries dropped $2.96, or 5.6%, to $49.55.
Gold stocks provided some relief for beleaguered investors.. Gold shares rose after the price of gold rallied to a 12-week high. Barrick Gold climbed 54¢ to $25.96.
Among the metals, Inco advanced $1.19, or 4.8%, to close at $26.10. Alcan rose nearly 2%, adding 98¢ to close at $54.95.
The CDNX Index closed down 7.44 at 3,087.19. Volume was 26.4 million shares, with 165 advances, 178 declines and 540 issues unchanged.
In New York, markets took it on the chin as profit warnings from companies such as Ford and Dell Computer sent investors running for the exits.
The Nasdaq composite index saw its first close below 1,900 since April. It fell 63.31 points to close at 1,867.01, a drop of more than 3%.
The Dow Jones industrial average dropped 151.74 points to close at 10,240.78, while the broader-market S&P 500 slid 19.69 points to 1,161.97.