UPDATE 3-Toronto stocks slide as oil fuels economic worries

Fri Jun 6, 2008 5:41pm EDT
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* Index turns negative after hitting record in morning

* Spike in oil price propels resources higher

* Financials and consumer stocks decline on economic fears

By Leah Schnurr

TORONTO, June 6 (Reuters) - The Toronto Stock Exchange's main index ended lower on Friday after the crude price shot up by more than $10 a barrel, spurring worries about its impact on the economy and erasing a big market gain made early in the day.

The key S&P/TSX composite index .GSPTSE jumped to a record high shortly after the opening bell as resource issues rose with surging commodity prices.

But gains by oil and other resource stocks were not enough to keep the index above water as the impact of the rapid surge in crude prices began to hit financial and consumer issues.

In the oil patch, Canadian Natural Resources CNQ.TO rose C$2.36, or 2.3 percent, to C$106.00, and Imperial Oil IMO.TO added C$1.29, or 2.2 percent, to C$60.93 as crude soared to a record above $139 a barrel during the day.   Continued...