CANADA STOCKS-TSX drops on U.S. consumer confidence data

Tue Jun 30, 2009 11:03am EDT
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* TSX down 1.3 percent at 10,340.37

* Financials drop 2 percent

* "Window-dressing" at end of quarter adds to volatility

(Adds details, quotes)

By Jennifer Kwan and Nina Lex

TORONTO, June 30 (Reuters) - Toronto's main stock index sank on Tuesday morning after a choppy start, pulled down in part by weakness in financial shares after U.S. data showed a drop in consumer confidence in June.

The drop in confidence, which came after two straight months of gains, dented hopes that the North American economy was regaining its stride after months of recession. [ID:nN30263841]

The Toronto index, which was little changed ahead of the data, quickly dropped after the reading soon after the open, said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

"The fact that consumer confidence is lower means people are going to continue saving more," he said.   Continued...