* TSX falls 38.52 points, or 0.28 percent, to 13,951.77 * Eight of 10 main index sectors decline * Bombardier stumbles after move to cut jobs By John Tilak TORONTO, Jan 21 (Reuters) - Canada's main stock index slipped on Tuesday, dragged lower by declines in the materials sector after commodity prices weakened and as shares of Bombardier Inc fell after the company announced job cuts. Chatter about the path of the U.S. central bank's bond-buying program revived after a report that the Fed might cut stimulus anew when it meets next week, further denting sentiment. The Toronto Stock Exchange's benchmark index, which is up about 2.4 percent this year, hit its highest level in 2-1/2 years on Tuesday before falling back. Tuesday's decline came after five straight sessions of gains. On Monday, when the U.S. market was closed for a holiday, the Toronto index climbed more than 100 points. "It's a question of investors out here digesting yesterday's gains," said Elvis Picardo, strategist at Global Securities in Vancouver, adding that there was reason for caution. "When the overall mood is really upbeat, that tells you that people are perhaps taking too rosy a view of the future," he said. The S&P/TSX composite index closed down 38.52 points, or 0.28 percent, at 13,951.77. Eight of the 10 main sectors in the index were in the red. The materials sector, which includes mining stocks, gave back 0.9 percent. While the prices of commodities such as gold and silver fell, the U.S. dollar strengthened, also dragging on the group. Barrick Gold Corp slipped 2.2 percent to C$21.09. Miner Teck Resources Ltd lost 3.4 percent to C$28.12. Industrials fell 0.4 percent, with Bombardier Inc dropping 3.9 percent to C$3.95. The plane maker said it will cut 1,700 aerospace jobs, or more than 4 percent of the aerospace division's staff, as it pushes to preserve cash after costly setbacks in the development of two new jets. Valeant Pharmaceuticals International Inc declined 2 percent to C$150.17, and was the biggest single drag on the market.