TORONTO -- The Toronto stock market moved lower Wednesday as the latest tumble in oil prices encouraged a further sell-off in energy companies.
Fears of lower demand for commodities as a result of slower American economic growth also hit metals stocks, but TSX losses were contained by a sharp rise in bank stocks.
The latest slip in oil prices helped send New York indexes modestly higher, while the U.S. Federal Reserve's latest read on the economy showed growth and inflation indicators turned worse in the summer.
Toronto's S&P/TSX composite index closed down 130.53 points to 13,512.66 as investors also took in a big increase in inflation last month because of high fuel and food prices.
Statistics Canada reported inflation jumped to 3.1 per cent in June from 2.2 per cent in May as gasoline prices rose 26.9 per cent from a year earlier. But the core inflation rate, excluding volatile items such as energy and food, was steady at 1.5 per cent.
The Canadian dollar was down 0.19 of a cent at 98.98 cents US.
-- The Canadian Press
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