Nasdaq hits record high on Google results

TORON TO • The Toronto Stock Exchange closed lower while the tech-heavy Nasdaq index finished the day at an all-time high Friday after blockbuster results from Google fuelled optimism for the technology sector.

The S&P/TSX composite index slipped 88.24 points to close at 14,642.84, while the loonie closed at US77 cents, down 0.10 of a U.S. cent from Thursday’s close.

Earlier in the morning, the loonie had been below US77 cents for the first time since March 9, 2009.

American market indexes were mixed, with the Dow Jones industrial average losing 33.80 points to 18,086.45, while the S&P 500 composite index gained 2.35 points to 2,126.64 and the Nasdaq index was up 46.96 points to a record high of 5,210.14.

The Nasdaq was boosted by a more than 16 per cent gain in value of Google shares. The tech giant reported strong results that beat analyst expectations after markets closed on Thursday.

On the commodity markets, the August gold contract fell $10.30 to $1,133.50 an ounce — its lowest level since 2010.

The August crude contract was down .08 cents at US$50.89 a barrel and the August contract for natural gas was down 1.6 cents at US$2.87.

In economic news, Canada’s annual inflation rate edged up to one per cent in June, from 0.9 in May, led by gains in the prices of food and shelter.