CANADA STOCKS-TSX skids on fears about global recovery

Fri Jul 16, 2010 5:02pm EDT
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* TSX down 172.12 points, or 1.47 percent, at 11,569.65

* U.S. consumer data ignites fears about growth

* Nine of 10 main TSX groups end lower (Adds official closing numbers, quotes)

By Jennifer Kwan

TORONTO, July 16 (Reuters) - Toronto's main stock index skidded on Friday as weak U.S. economic data and earnings results heightened worries about a slow recovery, and pushed down heavily weighted resource issues.

Toronto's slide tracked a sharp decline by U.S. stocks, which tumbled in part after consumer sentiment fell to nearly a one-year low, highlighting the sluggishness of the economic recovery.

As well, weak energy costs pushed U.S. consumer prices down for a third straight month in June. [.N]

"You get a little bit of enthusiasm going here and all of a sudden you get squashed because consumer sentiment in the U.S. fell to an 11-month low," said Fred Ketchen, director of equity trading at ScotiaMcLeod.

"That tells you there's not a lot of confidence out there."   Continued...