TSX losing streak continues

The Toronto stock market closed lower for a third session Thursday as further weak employment data raised worries about slowing U.S. economic conditions. The S&P/TSX composite index fell 59.07 points to 12,363.05.

On Wednesday, two soft economic reports and growing geopolitical risks had sent the main index tumbling 260 points, erasing TSX gains for the year.

The Canadian dollar edged up 0.21 of a cent (U.S.) to 98.78 cents.

U.S. indexes were higher, clawing back a chunk of the losses sustained on Wednesday amid data showing the number of Americans seeking unemployment insurance rose to a four-month high last week.

The Dow Jones industrial average gained 55.76 points to 14,606.11 after falling 112 points Wednesday, while the Nasdaq composite index edged 6.38 points higher to 3,224.98 and the S&P 500 index was up 6.29 points at 1,559.98.

Traders were also rattled by threats from North Korea.

The energy sector led decliners, down 1.85 per cent as the June crude contract on the New York Mercantile Exchange dropped $1.19 to $93.26 a barrel after falling almost $3 on Wednesday. Oil plunged after the U.S. Energy Department said crude oil supplies grew by 2.7 million barrels to 388.6 million barrels in the week ended March 29. The U.S. supply of oil is now 7.2 per cent above year-earlier levels and the highest since July 27, 1990. The gold sector was up about 2.25 per cent after sliding almost 5 per cent on Wednesday, as the June bullion contract on the Nymex lost $1.10 to $1,552.40 an ounce. The gold sector has declined about 22 per cent year-to-date as precious metal miners deal with prices that haven’t kept pace with increasing operating costs. The base metals group was up almost two per cent while May copper shed early losses to gain two cents at $3.35 a pound following a five-cent slide. The TSX Venture Exchange lost 11.91 points to 1,026.72.