Chinese move to clamp down on bank lending, weak U.S. earns send stocks lower

The Canadian Press ~ The News
Send to a friend

Send this article to a friend.

TORONTO - The Toronto stock market finished lower as plans by China to tighten lending standards led to concerns the move could threaten global economic revival.
The S&P/TSX composite index closed down 84.1 points to 11,679.32.
A better-than-expected reading on inflation in December, along with strength in the U.S. dollar, sent the Canadian dollar down 1.51 cents to 95.51 cents US.
Commodity prices backed off after the chairman of the Chinese Banking Regulatory Commission said that China will slow loan growth to prevent speculative bubbles.
A stronger U.S. dollar helped push oil down $1.40 to US$77.62 a barrel.
New York's Dow Jones industrial average dropped 122.28 points to 10,603.15, the Nasdaq composite index declined 29.15 points to 2,291.25 and the S&P 500 index lost 12.19 points to 1,138.040.

Organizations: S&P, TSX, Chinese Banking Regulatory Commission Dow Jones industrial average

Geographic location: U.S., TORONTO, China New York

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments