Update: Toronto Stock Exchange Rejects 80 Points as Crude Oil Crumbles; US markets are also weaker

Canada's main stock market was weaker on Friday as crude oil hit a new low of 13 months and lost 11% for the week. The S & P / TSX Composite Index was down 80 points or 0.5% to close at 15,010. For the week, the TSX lost 145 points, or nearly 1%.

Wall Street has seen a similar decline today with the resumption of trading in the United States for a half-day session after the holiday closes on Thursday. The top three US indexes all fell about 4% for the week. The Dow Jones and Nasdaq recorded their largest weekly percentage decline since March.

Energy was the main contributor to falling prices on the TSX on Friday, as crude oil dropped nearly 8% to $ 50.42 a barrel. Materials were also weakened by lower prices for gold and silver, as well as copper. Financial services posted modest gains, while the consumer and health sectors were also in positive territory.

In terms of stock market news, Bombardier (BBD-B.TO), a highly traded, lost 2%, Baytex Energy (BTE.TO) lost nearly 3% and Crescent Point Energy (CPG.TO) lost 6%. Cannabis stocks were little changed, including Aurora Cannabis (ACB.TO), down 0.2% and Canopy Growth (WEED.TO) up slightly by 0.2%.

In terms of economic news, retail sales rose 0.2% in September after a revised unchanged statement (0.0%) in August (-0.1%). The ex-autos aggregation edged up 0.1% in September, after a 0.4% loss. Total retail sales rose 0.5% in September, which is good news for the September GDP outlook.

At the same time, the CPI jumped 0.3% m / m in October, following the 0.4% drop recorded in September. The CPI grew at an annual rate of 2.4% in October compared to 2.2% in September. The CPI rose at a much faster pace than expected on a m / m and a / a basis in October. A gain of 0.3% m / m in airline tickets, passenger vehicles and sightseeing tours recorded the largest gain in all components and was a major source of upside risk for the projection of CPI. However, core measures reached nearly 2%, which is close to the expectations of the Bank of Canada.

The Canadian dollar lost about a quarter of a cent to 75.54 US.