RESOURCE STOCKS WEIGH ON TSX

TORONTO STOCK EXCHANGE

• Canada’s main stock index lost ground on Tuesday as U. S. stocks finished off a roller-coaster day of trading in the red.

The S& P/ TSX composite index fell 72.93 points to 16,298.88, in a largely broadbased decline led by the influential energy and materials sectors.

South of the border, losses by industrial and technology companies pulled U. S. stocks l ower, erasing an early gain that sent the Dow Jones industrial average surging to 26,000 points for the first time. In New York, the Dow Jones industrial average was down 10.33 points to 25,792.86. The S&P 500 index gave back 9.82 points to 2,776.42 and the Nasdaq composite index lost 37.37 points to 7,223.69 — with both indices also reversing earlier gains.

“There’s bound to be some profit taking given that the rise in the U. S. has become exponential since late last year and coming into this year,” said Luc de la Durantaye, managing director of CIBC Management.

“It’s an expensive market and there’s a lot of expectations built in, and sobriety is kicking in a bit.”

In currency markets, the Canadian dollar closed at an average trading value of 80.52 cents US, up 0.02 of a U. S. cent, ahead of the Bank of Canada’s interest rate announcement Wednesday.