CANADA STOCKS-TSX dips briefly after Bernanke comments

Fri Aug 27, 2010 10:13am EDT
 
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TORONTO Aug 27 (Reuters) - Toronto's main stock index dipped into negative territory on Friday morning as U.S. Federal Reserve Chairman Ben Bernanke said the recovery was softer, sending oil prices lower.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was off 3.03 points at 11,650.15, after jumping at the open on a report that showed U.S. second quarter growth was was better than anticipated. [ID:nN26193565]

The influential energy group was down as the price of oil fell after Bernanke's comments, but firm financials and materials helped push the the index back into positive territory.

U.S. Federal Reserve Chairman Ben Bernanke said on Friday the recovery has softened more than expected and the Fed is ready to take further steps if needed to spur the stumbling economy. [ID:nNLLRJE6E3] [ID:nN27257908]

($1=$1.06 Canadian) (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)