CANADA STOCKS-Fed fears pull TSX lower, banks lead retreat
* TSX falls 43.50 points, or 0.35 percent, to 12,233.63 * Six of 10 main index sectors decline * BlackBerry rises 2 percent By John Tilak TORONTO, June 14 (Reuters) - Canada's main stock index dropped in choppy trade on Friday, led down by declines in financial and materials shares as investors digested U.S. economic data and continued to fret about a possible rollback in central bank stimulus programs. The index retreated from a sharp jump in the previous session and remained firmly in the red for the year. U.S. producer prices rose more than expected in May as gasoline and food prices rebounded, but underlying inflation pressures remained muted, which could argue against an early scaling back of monetary stimulus by the U.S. Federal Reserve. Fed officials will meet on Tuesday and Wednesday to discuss the future of the central bank's $85 billion a month bond-buying program. "The market is looking for some signs about the future of monetary policy," said Rick Hutcheon, president and chief operating officer at RKH Investments. "We're basically going to sit on our hands until the Fed makes its pronouncement next week." The Toronto Stock Exchange's S&P/TSX composite index was down 43.50 points, or 0.35 percent, at 12,233.63. Six of the 10 main sectors on the index were lower. Financials, the index's most heavily weighted sector, lost 0.3 percent. In the group, Royal Bank of Canada, the country's biggest lender, gave back 0.5 percent to C$60.26 and played the biggest role of any single stock in leading the index lower. Toronto-Dominion Bank slipped 0.6 percent to C$81.73. The materials sector, which includes mining stocks, declined 0.6 percent. A fall in the price of bullion pulled gold-mining stocks lower. Goldcorp Inc was down 2 percent at C$28.35. Smartphone maker BlackBerry climbed 2.2 percent to C$15.02 and had one of the biggest positive influences on the market. The stock also gained on Thursday after a brokerage upgrade.
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