Toronto stocks closed lower for the fourth straight session on Friday as worries about corporate earnings triggered a broad-based sell off.

The S&P/TSX composite index fell 85.92 points, or 1.19% , at 7,139.43, its lowest close since early November.

The market was led lower by telecom, metals, consumer, financial and utility stocks.

Telecom shares were off 3%, as the group continued to be hit by recent regulatory decisions. Telus shares fell $1.25 to $11, while BCE dropped 85 cents to $25.55.

Financial stocks fell 1.72%. National Bank fell $1.99 to $29.01 and Bank of Nova Scotia dropped 80¢ to $49.85. Manulife Financial lost 79 cents to $41.25 after the a court-appointed liquidator called on Manulife’s Indonesian operations to stop operating and the central bank to freeze its assets.

Among active stocks, Nortel shares eked out a 5¢ rise to $2.66., and TVX Gold was up 7¢ to $2.29. Bombardier dropped 20 cents to $13.

Shares of Canadian soda pop maker Cott Corp. fell 33¢ to $27.75.

TransAlta Corp. fell 15¢ to $20.35.

Shares of Aber Diamond Corp. added 44¢ to $26.50 after the company reported a small loss for its first quarter.

In economic news, Statistics Canada said in the first quarter of this year corporate operating profits rose nine per cent to $34.7 billion – the first increase in more than a year.

However, profits were still below their most recent peak of $45.3 billion set in the fourth quarter of 2000.

The TSX Venture Exchange declined 3.12 points to 1,191.11.

In New York, stocks closed with steep losses Friday after the FBI issued a warning about potential terrorist activity in Jewish neighborhoods. Market volatility was exacerbated by the fact it was triple-witching Friday, when U.S. index futures, and index and stock options expire.

The Dow Jones Industrial Average finished with a loss of 177.98 points, or 1.9%, to 9,253.79. The Nasdaq dropped 23.82 points, or 1.6%, to 1,440.93, and the S&P 500 slumped 17.16 points, or 1.7%, to 989.13.

Friday marked the quarterly expiration of futures and options contracts known as triple-witching. Activity related to the expirations appeared to have extended some of the averages’ losses late Thursday and was contributing to volatility in the current session.

The continuing decline of the U.S. dollar against other major currencies helped push the loonie to its highest level in a year. The Canadian dollar rose 0.34¢ to US65.79¢.