The Toronto Stock Exchange’s S&P/TSX composite index closed down 8.15 points, today, at 7,121.78. This was its sixth straight drop. American economic reports on consumer confidence and existing home sales beat economists’ estimates and temporarily boosted investor confidence. But ultimately concern over corporate profits cast a malaise over trading.

Seven of the TSX’s 10 subgroups closed lower, led down by a 2.5% slide in the information technology sector and a 1.6% drop in telecom stocks.

Technology companies continued to drop. Electronics manufacturer Celestica Inc. fell $2.10, or 5.8%, to $34.20. Shares of Nortel Networks Corp. slid 2¢ to $2.50.

Gold stocks fell amid the early drive by bargain hunters to overcome last week’s losses. They slipped 1.3%. Placer Dome Inc. closed down 30¢ $19.10. Agnico-Eagle Mines Ltd. slid 69¢ to $24.00. Barrick Gold Corp. bucked the general trend and added 20¢ to $31.30.

The S&P/TSX Venture Composite Index closed down 8.04 at 1183.35. Trading was active on a volume of 31.9 million shares worth 13.8 million dollars, with 149 advances, 240 declines and 580 issues unchanged.

South of the 49th parallel, stocks sank. The Nasdaq composite index finished just above its Sept. 11 low. The latest bout of selling, which intensified late in the session, came despite good earnings news news surprises from heavyweights like DuPont Co.

As in Toronto, blue chips and technology stocks turned and ran after an early rally. The market’s early gains began to erode shortly after midday. The Nasdaq fell 36.35 points to 1,423.99. The Dow Jones industrial average dropped 155 points to 9,126.82, after rallying more than 1%.

Traders are awaiting the latest rate announcement from the U.S. Federal Reserve. It’s expected tomorrow. Many analysts predict rates will be left unchanged.