Stock markets in Toronto and New York moved lower in early trading Friday as oil prices slipped back below $30 US a barrel and retail sales data in Canada came in below expectations.
In Toronto, the benchmark stock index fell 175 points, or 1.4 per cent, to 12,756 at 10:20 a.m. ET. Prior to Friday, the S&P/TSX composite index had advanced for four straight sessions.
Every sector was down, led by financials and energy.
Retail sales figures for the month of December fell 2.2 per cent from a year earlier, well below forecasts of a 0.9 per cent drop. With consumer spending responsible for two-thirds of economic activity, that raised concerns that growth would falter.
In New York, the Dow Jones industrial average was down 58 points, or 0.4 per cent, to 16,355. The energy sector was the lead decliner in New York.
Oil futures dropped $1.24 to $29.53 US a barrel, reversing the rally of the past few days. Oil prices fell after the U.S. released data showing record inventories of crude oil in storage.
Bullion prices continued their recent march higher as investors sought safety in the precious metal. Gold futures rose $4.60 to $1,230.90 US an ounce.
The Canadian dollar fell almost two-fifths of a cent to 72.35 cents US. Inflation reports in both Canada and the United States showed the cost of living accelerating in both countries.
The annual inflation rate in Canada rose to 2.0 per cent in January, as the price of imported fruits and vegetables jumped because of the low loonie.
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