The Toronto stock market is lower as traders keep an eye on Washington’s attempts to avoid going over the so-called “fiscal cliff.”
That’s the name for the double-whammy of steep tax increases and spending cuts set to click in at the beginning of 2013. The combination would erode already weak U.S. economic growth and likely send the economy back into recession, taking other global economies down along with it.
The S&P/TSX composite index is down 49.37 points from the pre-holiday close, falling to 12,321.43 while the Canadian dollar was off 0.07 of a cent to 100.81 cents (U.S.).
U.S. stock markets are little changed after three negative sessions, including Wednesday while Canadian markets were closed for Boxing Day.
The Dow Jones industrials were 1.22 points lower at 13,113.37, the Nasdaq composite index slipped 3.46 points to 2,986.7 and the S&P 500 index dipped 0.74 of a point to 1,419.09.
Oil rose 24 cents to $91.22 (U.S.) a barrel.