Toronto stocks closed lower on Monday as a robust end-of-day rally came in just short of the break-even point with the Street unable to shake fears over dim corporate earnings forecast and jitters about terrorism.

According to the latest data, the S&P/TSX composite index closed down 9.50 points, or 0.13%, at 7,129.93, rebounding sharply from a session low of 7,069.28.

Five of the TSX’s 10 subgroups were lower, led down by a 1% slide in the information technology group and a 0.5% fall in the financial index.

ATI Technologies Inc. closed down 60 cents, or 5.4%, at $10.50, while Nortel Networks Corp. dipped 14 cents, or 5%, to $2.52.

The battered tech sector, which recovered from its session lows, has weighed on the market for most of the year and appears unable to persuade investors that a rebound is at hand.

Market players attributed the afternoon surge in the market to the fact that U.S. President George Bush was preparing to outline his long-awaited speech on the Middle East.

Shortly before the markets closed, Bush said the United States supports creation of a provisional Palestinian state, but only if a “new and different Palestinian leadership” is found.

Trading was quiet today on the S&P CDNX although Canada’s emerging markets index couldn’t hold on to slight gains it made earlier in the day. The exchange was down 2.16 points or 0.18% to close at 1,191.39.

The Nasdaq composite, rose 19.36 points, or 1.34%, to 1,460.32, according to the latest data, while the Dow Jones industrial average added 28.03 points, or 0.30%, to 9,281.82. The benchmark Standard & Poor’s 500 was up 3.57 points, or 0.36%, to 992.71.


According to the latest data, the S&P/TSX composite index closed down 9.50 points, or 0.13%, at 7,129.93, rebounding sharply from a session low of 7,069.28.

Five of the TSX’s 10 subgroups were lower, led down by a 1% slide in the information technology group and a 0.5% fall in the financial index.

ATI Technologies Inc. closed down 60 cents, or 5.4%, at $10.50, while Nortel Networks Corp. dipped 14 cents, or 5%, to $2.52.

The battered tech sector, which recovered from its session lows, has weighed on the market for most of the year and appears unable to persuade investors that a rebound is at hand.

Market players attributed the afternoon surge in the market to the fact that U.S. President George Bush was preparing to outline his long-awaited speech on the Middle East.

Shortly before the markets closed, Bush said the United States supports creation of a provisional Palestinian state, but only if a “new and different Palestinian leadership” is found.

Trading was quiet today on the S&P CDNX although Canada’s emerging markets index couldn’t hold on to slight gains it made earlier in the day. The exchange was down 2.16 points or 0.18% to close at 1,191.39.

The Nasdaq composite, rose 19.36 points, or 1.34%, to 1,460.32, according to the latest data, while the Dow Jones industrial average added 28.03 points, or 0.30%, to 9,281.82. The benchmark Standard & Poor’s 500 was up 3.57 points, or 0.36%, to 992.71.