TORONTO (The Canadian Press) – The Toronto stock market closed lower amid mixed readings on the health of the manufacturing sector in the world’s two largest economies.
The S&P/TSX composite index dropped 40.62 points to 12,609.8.
HSBC’s monthly purchasing managers’ index for China’s manufacturing sector slipped fell to 49.2 in May, below the 50 level which divides expansion and contraction. But a similar government-sanctioned survey released Saturday found China’s manufacturing ticked up slightly.
The Canadian dollar was up 0.85 of a cent to 97.3 cents US.
New York’s Dow industrials closed up 138.46 points to 15,254.03 as the Institute for Supply Management’s index on the American manufacturing sector slipped into contraction territory. But the showing reinforced the view that the U.S. Federal Reserve won’t be in a hurry to wrap up its economic stimulus program. The Nasdaq gained 9.45 points to 3,465.37 and the S&P 500 index was ahead 9.68 points to 1,640.42.
Oil was up $1.48 to US$93.45 a barrel.