Aug 30, 2012 / 1:35 pm
The Toronto stock market closed sharply lower.
Solid earnings and dividend hikes from Royal Bank (TSX:RY), TD Bank (TSX:TD) and CIBC (TSX:CM) took a back seat to increasing doubts about whether more stimulus is on the way from the U.S. Federal Reserve.
The S&P/TSX composite index tumbled 123.13 points to 11,886.65, and the Canadian dollar fell 0.28 of a cent at 100.78 cents US.
New York markets also fell as positive retail and consumer spending data indicated that the economy is performing better, meaning the Fed will be reluctant to launch another stimulus program.
The Dow Jones industrials dropped 106.77 points to 13,000.71. The Nasdaq composite index declined 32.48 points to 3,048.71 and the S&P 500 index was off 11.01 points at 1,399.48.
Oil fell 87 cents to $94.62 a barrel.
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