UPDATE 4-Toronto stocks knocked down by oil, economic woes
(Adds details, quotes)
* TSX tumbles more than 2 percent in broad retreat
* Energy shares lead slide as oil prices decline
* Worries persist over economic growth and consumer health
By Leah Schnurr
TORONTO, July 7 (Reuters) - The Toronto Stock Exchange's main index fell more than 2 percent on Monday, putting it on the cusp of a correction, as it was dragged down by weak resources and gloom over the outlook for economic growth.
Oil and gas companies led the descent, stung by a drop of nearly $4 in crude amid signs of easing tensions with Iran over its nuclear program.
But with the price of oil remaining high -- it is up more than 40 percent this year to above $141 a barrel -- intensifying worries over its impact on consumer spending and the economy took the broader market lower.
"We're more and more digesting the fact that oil is a key ingredient and it's very hard to grow an economy with oil at $140 or thereabouts," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc in Vancouver. Continued...