Toronto stocks closed lower Wednesday, dragged down by an almost 10% fall in the price of Bombardier shares. The S&P/TSX composite index fell 32.46 points to 6,389.87.

Overall, 10 of the 13 TSX sector indices lost ground, led by a 2.29% fall in the industrials group.

Bombardier led that drop, falling 41¢ to $3.79. The firm announced 3,000 job cuts in its aerospace division to address a dramatic fall-off in business for its regional jets.

Sobeys shares fell $1.85 to $38.20 even though the grocery chain reported higher third-quarter profits and higher sales.

Talisman Energy shares added 40¢ to $59.50. After the close of trading Tuesday, the company reported fourth-quarter earnings that more than quadrupled on the strength of higher commodity prices.

Biovail shares surged $3.40 to $56.40 after it reported positive results from clinical trials of its Cardizem LA hypertension drug.

Barrick Gold fell 33¢ to $22.78. The gold company formally launched a $200 million lawsuit against a U.S. retail gold dealer that had accused Barrick of manipulating the gold market.

Nortel shares fell 6¢ to $3.16. It inked a US$36 million network deal with China Mobile Communications.

On the Toronto market, decliners beat advancers 624 to 438, with 211 unchanged. Decliners beat advancers 624 to 438, with 211 unchanged.

The junior TSX Venture Exchange shed 0.94 of a point to 1,099.66.

In New York, markets rebounded from earlier losses as buyers emerged. The Dow Jones industrial average gained 70.73 points to end the day at 7,775.60. The Nasdaq Composite Index added 6.63 points to 1,314.40, while the S&P 500 index rose 7.86 at 829.85.

The Canadian dollar continued to gain against the U.S. dollar Wednesday — closing above the US68¢ following the Bank of Canada’s decision to raise interest rates.

The loonie closed at US68.08¢, up .46¢ from Tuesday’s official close.