CORRECTED - CANADA STOCKS-TSX knocked lower by slumping financials
(Corrects paragraph 9 to show Scotiabank reports earnings on Dec. 2, but does not kick off banks' earnings season)
* Market down 2.5 pct after bouncing around after open
* Financials lead slide after gloomy Scotiabank news
* Rally in gold issues helps cushion decline (Adds details)
By Frank Pingue
TORONTO, Nov 19 (Reuters) - The Toronto Stock Exchange's main index was down more than 200 points by late morning on Wednesday after a see-saw open when heavily weighted financial shares were hit hard and gold shares rallied sharply.
The market initially opened lower and erased the 40-point gain recorded in the previous session, but later reversed and rose as much as 36 points as shares in gold-mining companies rallied around a higher gold price.
But the slim gain was short-lived as the market moved back into negative territory along with other North American equity indexes that were feeling pressure from financial issues.
By 11:35 a.m. (1635 GMT), the S&P/TSX composite index .GSPTSE was down 217.45 points, or 2.46 percent, at 8,618.28, with eight of its 10 sectors in negative territory. Continued...